S&P … Weekly Chart …
As we all know, the fundamental picture is bleak at least as bleak as it looked bright at the 2003 bottom 
Copyright by Tradestation
As we can see on the chart … at the 2003 bottom we had a high volatility reversal which lead us into a stable bullmarket without too much volatility … now at the top(?) we are in a high volatility possible reversal pattern again … and as we seemingly keep moving sideways … and as negative news seems to be already in the market … complacency rules …
So the technical picture shows us a “M” reversal pattern close ahead of completion. We held the (here red) connection of the last two lows, but this is a very weak support … the pattern will be completed with a confirmed weekly close below 1387 … a possible volatility correction should not move above 38 to 50 percent of the pattern … even if the FED abolishes interest rates 
a realistic price target for the downmove, which I expect is a corrective move on the 2003-2007 bull market … retracing up to 62% of the whole move … so we are talking about 1250 to 1150 longterm target!!!
SO PLEASE … SANTA CLAUS … give me higher prices, which I then can use to S E L L … and then hold tight as the Q4 and 2008 earnings revisions roll in …
Dezember 13th, 2007 at 17:44
[…] (Please check my long term chart!) […]
Dezember 14th, 2007 at 07:17
Hi Oli, you know we are on the same side. But I mean that we have seen beginning of crash scenario last days. Charts are looking bad. Fed tried to hold markets without any success. So why waiting for higher prices ? No we have a good risk/reward …. 100pts higher stop …. 300pts lower targets = 3to1 ….. You remember ?
….
Good luck.
Mike
Dezember 14th, 2007 at 08:03
Thanks … higher prices have been already there … this is exactly why I referred to this old chart … Have a nice day … Oli