wa1 Chart, page-1926

Let's revisit my chart from the other day. I mentioned the possibility of a pennant forming more so than a cup and handle.....and looky looky here. The SP has raced to the top of my theoretical pennant. Not sure what happens today now. I think either we pause around these levels or the SP busts through the top and goes bonkers. Either way I think the way the SP rose yesterday on volume is a very bullish near term sign.

Just as an aside I note that respected poster salpetie has said a couple of times he does not believe in charts. I fully agree that fundamentals trump charts every day of the week and is why I am here but I also think charts have a part to play. They are handy to pick entry and exit points and are fun to watch and can give comfort and stop you from doing something stupid when the SP has been retracing in what may seem like an endless fall. Quite often I note that the negative chatter reaches a crescendo just as the chart indicates a probable technical bottom.