December 28th, 2011 Market Analysis with Gold Update

The US Dollar was up and the market was down on minimal volume. And yup, that’s about the extent of today’s action. The biggest gainer on my watch list of 125 securities was Bankrate (RATE) with a paltry +0.8% return. Updated market charts below. See you tomorrow!

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Comments

  1. stemphos says

    Blain,

    Could you expound on the wedge pattern in the SPX?

    Why is the support line drawn from the end of November low and the Dec 19th low instead of the October and end of November lows?

    The 12/19 low did not touch the trendline. I am asking because I am trying to learn about drawing trendlines.

    Thanks
    stemphos

  2. says

    Wedge patterns or any channel or other technical pattern will rarely ever be perfect. The goal is to have enough data to draw a rough outline of what you are looking for. As you conduct TA more and more the patterns begin to popup and emerge before drawing them and you will begin to see which patterns are more prone to failure or success.