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PeakTrader.com Economics, Portfolio Optimization, and Technical Analysis
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arthur Guest
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Posted: Fri Sep 17, 2004 8:02 pm Post subject: SPX weekly charts |
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The first chart is a SPX weekly chart. This chart may indicate SPX already hit its 2004 low. Also, SPX may be creating a bullish inverse head & shoulders pattern with the left shoulder complete at 1,076.3 in May, the head complete at 1,060.7 in Aug, and perhaps the right shoulder will be completed in Oct or Nov.
The second chart is a SPX to VIX weekly chart, over the same time period. This chart shows the SPX to VIX ratio has been between roughly 55 and 80 in 2004. On Fri, it closed the week near the top of the range, perhaps indicating SPX will need to fall and VIX will need to rise over the next few weeks.
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