Thursday, September 1, 2011

SPX To Back Test Symmetric Triangle Price Formation

SGS is LONG (As of close of 8/24/11) 
RTS 200110825 Long Portfolio (Bench Mark)

My Long Term Portfolio
I'm 50% in (IWM, QQQ, SPY equal $)

I have not bought RTS stocks, planning to buy first of three buys tomorrow as SPX trades at lower 1190's.  I'm planning to buy: EXPE  AMZN  NEM  MCD  M  AXP  BMY  PPL  DFS and  KO
 
On 8/29 SPX broke out of a Symmetric Triangle formation (thick blue) and closed above it.  SPX is coming back down to back test that formation at mid 1190's, very likely tomorrow shortly after open.  Chances are excellent for SPX successfully back test the formation and then rally back to challenge its recent high of 1230 sometime next week.

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Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.
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