A Plethora of Channel Patterns on the S&P chart

By | May 31, 2016

Technical patterns are very clear in retrospect, but harder to discern when they are under construction. What looked like a head and shoulders top on the S&P 500 daily chart a few weeks ago, now looks like a simple channel consolidation. Looking back over time, there have been a number of these consolidation patterns.


Moving average convergence/divergence (MacD) is making a bullish crossover and overall volume is on the weak side, but more concerning, Chaikin money flow, while still in positive territory, is tracking below its declining 21 period average.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.