Archived IMT (2010.08.06)

HEREs THAT S&P500 PATTERN AGAIN http://chart.ly/5srck6

Basically if S&P500 cash closes today (and the week) below 1115, it would represent a DOUBLE TREND FAILURE i.e inability to close above 200 AND 100 day MAs (blue and red lines in chart), which is a similar pattern as in June 22 (left circle). A definite failure to 1150, followed by a break below the important 1107 trendline support, would extend probability of a DOUBLE TOP target from the 1127-30 top to the interim 1060 and 1080.