Sunday, August 7, 2011

S&P 500 ~ Weekend Update ~ 7 August 2011

As mentioned on Friday the April/May 2010 top is very similar to the current top:

I zoomed out a bit and it's amazing that not only the tops but also the preceding (and subsequent (so far)) moves are very similar:

Last year the decline in May/June erased all the gains made in March/April. If this happens again this year SPX ~1000 might be a target.

I think we'll get another crazy week (especially tomorrow after the downgrade). Let's see where we open tonight.