Technical analyst Chris Kimble examines the S&P 500 (SPX) chart and finds some striking similarities between now and 2007.
Above looks at the S&P 500 over the past 17-years on a weekly basis.
In 2007 at the top of a rising channel, the S&P 500 appears to have created a “Descending Triangle” pattern before heading lower. Once it broke rising & horizontal support, selling pressure took over.
The S&P over the past couple of months could be creating another descending triangle pattern at the top of its rising channel.
Joe Friday Just The Facts: Doubtful that a repeat is in play
Worth being aware of how important rising & horizontal support could be? Yes!
The SPDR S&P 500 ETF Trust (SPY) closed at $265.15 on Friday, down $-0.78 (-0.29%). Year-to-date, SPY has declined -0.64%.
This article is brought to you courtesy of Kimble Charting Solutions.
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