“Or so says an updated look at George Lindsay’s pattern,” writes Doug Kass in his latest post on RealMoneyPro.
Lindsay is one of the leading technicians in the business.
Kass observed that Lindsay’s “Three Peaks and a Domed House” pattern has completed its upside move, which means we should be headed down. You can read more about the pattern at Minyanville.
Earlier this year, Doug Kass wrote that that S&P 500 could “eclipse the 2000 high of 1527.46 during the second half of the year.” However, he recently shifted his tone when be found out that Nouriel Roubini, Dr. Doom himself, turned bullish on stocks.
“Caveat emptor!” disclaims Kass.
Here’s the chart he provided:
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