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April 17, 2008

Triangulation, Consolidation

This 5-minute view of the S&P 500 over the last several days shows a basing pattern, followed by a large break upward from the base, and now a triangle consolidation of yesterday's gains. This triangle projects the SPX to 1380.

stock chart

Of course Google reports tonight, but I've always said that the market uses news as an excuse rather than a reason for its actions. Unless Google's news is overwhelmingly bad, I'd venture to guess we run to 1380 in the first half of tomorrow's session.


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