Two Long-Time Market Technicians See a Massive Double Top Breaking Down

By on March 6, 2009

Barton’s Asia Charts and Steve Hunter’s Ultratimer have posted technical charts leading one to believe that the U. S. markets have broken down from a giant double top formation. They see the S&P 500 possibly falling to the 400-450 area. Obviously, this would coincide with another Great Depression.

SMA Comment: I wouldn’t put too much credence in a double top, or a double bottom, for that matter. Extrapolations of these types of patterns seem to fail with great regularity.

Sources:

http://ultratimer.blogspot.com/2009/03/test.html

http://www.asiachart.com/dow.html

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