Latest Rally Is Another Technical Analysis Failure

With futures looking up yet again this morning, we just thought it’d be worth taking a step back and seeing how far we’ve come this year (both to the upside, the downside, and then back to the upside).

The change in sentiment in recent days has been fairly remarkable (even as the domestic economic data remains decidedly mixed). And we can’t help but notice the big flop that was the “head and shoulders” formation that formed in June, and was broken at the end of the month, prompting everyone to see a falling sky.

Yeah, that didn’t happen… although wait, what is that, was a reverse head and shoulders formed earlier this month when we touched S&P 1050?

chart

Photo: FinViz

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