It was another great week for equities, I hope you participated in the upside. The video below takes a look at key levels in the major ETFs and individual stocks such as $AAPL and $TWTR
I was on Yahoo Finance with my friend Phil Pearlman on August 22, the links below are to the subjects we spoke about including some stock trading ideas in $ZLTQ and $CROX We also spoke about stock market trends in the $SPY
It seems like every time the market approaches a previous level of resistance the “double top” callers come out in force. There is nothing wrong with correctly identifying this reversal pattern, the problem is that a double top has not formed in the $SPY. Look below at the chart of RedHat ($RHT) this stock formed a true double top earlier this year and the points on the chart are explained below so you can corrrectly recognize what a double top is.
A- The stock rallies up to find resistance near 60 and then sells off to
B- The low of this pullback near 54 is the low end of the emerging pattern, the stock then rallies to
C- The second peak occurs in the same general area, it can