Analyst: S&P 500 Could Be Repeating 2007 Pattern (SPY)

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%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 145 ETFs in the Large Cap Blend ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.

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