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February 24, 2006
OEX Head-and-shoulders Still Around
There it is again. The S&P 100 surged in November and consolidated the last three months. The pattern looks like a head-and-shoulders reversal, but it has yet to be confirmed. A move below neckline support would confirm this bearish reversal pattern and reverse the medium-term uptrend. Yes, I still consider the medium-term up. Even thought the index has been flat the last three months, the November surge sets the bullish tone and this consolidation is merely a rest. Up + Flat = Bullish until proven otherwise.
Posted by Arthur B. Hill at February 24, 2006 05:33 AM