Today news came out that Dubai may delay debt payments and that has sent the futures markets in a tumble. There is a large ‘Money Box’ pattern on the SP 500. This is a rectange pattern, coil, and the market will breakout of this in one direction or the other, see chart. All the indexes either broke November lows or are very close to taking these out. SP has not been able to trade above the recent highs and as you can see on the chart completed the ab=cd sell pattern. The ‘Money Box’ Pattern is contained between the upper and lower bands.

This entry was posted on Thursday, November 26th, 2009 at 1:53 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.