I think the top may have been put in a little over a week ago at 875. The last of the bulls are still making their way into their doomed positions and the market slowly but surely is inching it's way down. Could we get a huge down day soon? Maybe so, but don't be surprised if this slow sideways progress continues. The drop will probably happen when even the bears least expect it.
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http://jackschartpatterns.blogspot.com/2009/04/waiting-game-continues.html?showComment=1240969800000#c7611090854003878585'> April 28, 2009 at 8:50 PM
SPX is in the wedge and it's coming to a close this Friday. Monday 5/4 is the bank stress tests release day. We should know where market is going next week.
http://jackschartpatterns.blogspot.com/2009/04/waiting-game-continues.html?showComment=1240981860000#c3416447783262965513'> April 29, 2009 at 12:11 AM
Yes, the fog should be clearing soon. The direction should unfold after the stress tests are released. Everyone expects the stress tests to showing improvement in the banks but I have a feeling big brother will want to spoil the fun. If government is wanting to take control of the banks they will more likely show a continued weakness in the banks. Today's Wall Street Journal article may be hinting at this by stating C and BAC may need more capital.