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Crash Ahead? Scary Pattern Forming on S&P 500 Chart, Banking Sector Heading For A Serious Decline, The Gold Plunge Could Be The First ETF-Led Death Spiral

Thursday, April 18, 2013 0:56

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Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

investmentwatchblog.com / April 17th, 2013

Scary Pattern Could Be Forming on S&P 500 Chart

A scary head-and-shoulders pattern could be building in the S&P 500, and this negative chart formation would be created if the market stalls just above current levels.

“It’s developing and it’s developing fast,” said Scott Redler of T3Live.com on Wednesday morning.

Redler follows the short-term technicals of the market, and he says the head and shoulders should be proven either way in the next few trading days. “Anticipating this type of pattern has been painful this year,” he said. The head and shoulders is seen by technicians as a signal of more selling to come.

“The bears are hanging their hat on the idea that this bounce back will lead to a lower high, potentially a right shoulder that continues in the 1575 area,” said Redler, describing the pattern after Tuesday’s close. “The first pullback of the year was March 20 with the Italian election. The left shoulder was built during the month of March, with the peak being around 1573. Then you had a head when it hit its high at 1597.”