Saturday, March 9, 2013

Weekend Market Update

I feel that this is the most important chart right now. I first showed it two months ago. Let's update it. SPY waited for nothing and took charge out of its wedge. Bond market is being reluctantly dragged along. The wedges on TLT and TNX have not been broken yet. But if they do, blue horizontal lines of support/resistance will act as magnets.
The most interesting fact is that usually these bearish rising and bullish falling wedges result in reversals. That has not been the case here, yet.

click on chart to enlarge

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