When we were in the consolidation stage of that basing pattern around 1100-1200 we were being reminded that history suggested that before there was another leg down, the market would move back up into, or at least test the base of, the topping pattern.
The index (S&P500) has now moved back into the topping pattern and that is exactly what was expected based on the history of bear markets.
All I see is exactly what should be happening. We may go higher, but now would not be a time I open a margin account and start loading up on stocks.
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Last
8,561.8 |
Change
-68.500(0.79%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,630.3 | 8,630.3 | 8,544.7 |
| XJO (ASX) Chart |