Tuesday, December 6, 2016
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,862 Blog Posts

Location, Location, Location


Those of you who followed my work way back in April of 2010 know that I grew cautious on the market then as we formed that diamond topping pattern, with a higher high, but also a lower low which gives way to the downside after more chop. After a prior downtrend though, the diamond can be a bullish bottoming pattern, with confirmation of course.

On the 30-minute chart of the S&P 500 below, you can see we have formed one of these rare chart patterns, and we look to be awfully close to confirming here. This is not a daily chart, so I am reticent to make a huge “this is the bottom” call, but a strong close does bode extremely well for the bulls over the next few days.


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  1. MOTV8

    Thx, Chess.

    Long some TNA as it cleared 42, tight stop. I hope the algos don’t change their mind.

  2. illmighty

    Ah, yes…good eye as always. Those megaphones are sure a loud tell sometimes. I’m sure you remember this one: