DP WEEKLY WRAP: Double Top Scenario Still Fits

DP WEEKLY WRAP: Double Top Scenario Still Fits

May 17, 2019 Off By readly




Last week I asserted that the market was in the process of forming a major double top. This week, in spite of some price action attempting to refute that assertion, the double top is still evolving. So far the rally attempt appears to have failed, and the thin volume says that there is not as much conviction behind the rally as there ought to be. Specifically, I am referring to the SPX Volume panel below. Note that there was a high volume day on Monday’s decline, but volume for the rest of the week was well below the one-year average of volume.

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Source of this (above) article: http://blogs.stockcharts.com/articles/decisionpoint/2019/05/dp-weekly-wrap-double-top-scenario-still-fits.html