" Massive Broadening Top Pattern " Daily Update March 16,2023
Technical analysis of the chart of the S+P 500
shows a clear "broadening top" pattern
that's continues to develop, one day at a time.
It is a "recognition pattern "that tells you that the market
as measured by the S+P 500 continues to sell off,
with the characteristic of measured lower highs,
moving across the pattern.
One important "characteristic" of a broadening top pattern
is the unmistakable level of "risk",
that is imbedded in this pattern.
It is a pattern, "where one fall swoop"
could bring the entire pattern down !
Think of the collapse of the World Trade Center Towers in 2001..
they fell straight down, once the steel support beams "melted" away.
That is why I continue to stress to the readers of my column,
that "the risk" in this market is quite elevated, and it is growing.
Bear market rallies in this kind of bearish pattern will try to convince you otherwise.
As long as you "refuse to take the bait," you will be safe financially. Remember that !
Better opportunities will come, longer term
for those who have "the discipline to wait."
US Treasury Bill/Bond Markets
provide very safe, risk free returns of near 5 % right now.
treasurydirect.gov
I will be away tomorrow.
I will see you back here Monday March 20
Have a safe St Patrick's, and St. Joseph's Day Weekend.
SPX Noon Open 3939.37
THE_UNWIND
WOODS OF CONNECTICUT
shows a clear "broadening top" pattern
that's continues to develop, one day at a time.
It is a "recognition pattern "that tells you that the market
as measured by the S+P 500 continues to sell off,
with the characteristic of measured lower highs,
moving across the pattern.
One important "characteristic" of a broadening top pattern
is the unmistakable level of "risk",
that is imbedded in this pattern.
It is a pattern, "where one fall swoop"
could bring the entire pattern down !
Think of the collapse of the World Trade Center Towers in 2001..
they fell straight down, once the steel support beams "melted" away.
That is why I continue to stress to the readers of my column,
that "the risk" in this market is quite elevated, and it is growing.
Bear market rallies in this kind of bearish pattern will try to convince you otherwise.
As long as you "refuse to take the bait," you will be safe financially. Remember that !
Better opportunities will come, longer term
for those who have "the discipline to wait."
US Treasury Bill/Bond Markets
provide very safe, risk free returns of near 5 % right now.
treasurydirect.gov
I will be away tomorrow.
I will see you back here Monday March 20
Have a safe St Patrick's, and St. Joseph's Day Weekend.
SPX Noon Open 3939.37
THE_UNWIND
WOODS OF CONNECTICUT
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