It is interesting to see how the various equity indices have danced around the Bear Pennants detailed last Friday with the Russell 2000 climbing to this year’s high as the Dow was dropping down with it seeming that the former would try to evade that pattern or put in a better apex as the latter was putting in some attempt on confirmation.Such a tension remains present and how it will be resolved may rest, in part, in a possible intraday Pipe Top in the Russell 2000 as shown below.
As can be seen, the Russell 2000 is busting out of that Bear Pennant and so its original form is on the cusp of being invalid but if the Pipe Top confirms at 828 for a target of 820 it will bring this small cap index close to confirming its Bear Pennant at 818 for a target of 785. Above 836, however, any maybe, not necessarily, this pattern fails.
Turning to the other side of the spectrum, the Dow could be trying to confirm its Bear Pennant or it may be simply widening or just putting in a little intraday consolidation before turning higher.
Below 13210 and the Dow will probably try to confirm its pattern at 13166 for a target of 12735 but above 13288 and the Dow will climb higher and perhaps by a lot with that level representing a clearance of the 3% rule around the index’s long-standing sideways trend.
It will be interesting to see how these patterns play out with some of the possibilities outlined in this update on those beautiful Bear Ps.
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An Update on those Bear Ps
Published 03/20/2012, 12:21 AM
Updated 07/09/2023, 06:31 AM
An Update on those Bear Ps
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