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How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Broadening Wedge Pattern Being Activated

Stock-Markets / Stock Markets 2014 Sep 09, 2014 - 03:02 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX broke through its Broadening Wedge trendline and may have activated it for the downside panic to come. However, it has not broken beneath Friday’s low of 1990.10, leaving it open for another retest at 2007.71. Confirmation of the reversal would be the breakdown beneath 1990.10. So far, it has declined to 1991.88.


Better yet, a plunge through the mid-Cycle support at 1987.01 would provide an even stronger confirmation the reversal.

If the trendline at 1995.60 provides resistance to another probe higher, then the reversal may be considered valid.

VIX broke above Intermediate-term resistance at 13.23 and its September 5 high of 13.18, making a high of 13.35. However, as with most breakouts, it has pulled back to retest support at the 50-day Moving Average at 12.79. Cycle Top resistance is coming down fast at 13.57 and may provide another resistance/breakout point.

Should SPX attempt another run at 2007.71, VIX may drop even further to Short-term support at 12.12 or its prior low at 11.96.

I suggest these alternatives, since the next Cycle Pivot day is Thursday, Sept. 10 and the next Cycle Pivot day for equities is September 11. I am not yet sure how this will play out, but we must be aware of the implications of that date.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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