All chart watchers can see the classical complex head and shoulders building, as Mr Market says back off from SP500 (or SPY) 1900.
First rule do not pick a top ever. For the simple reason you have no lower high, or lower low. But we can note that momentum if failing, and those that have brought at this level need a greater fool at a higher level to pay higher prices for them to profit, thus these folks will start the selling first.
Price has been holding true to the Gann Angel 1x2. Since March 2009 the 1x2 (1 unit of time to 2 units of price, very fast action by price) the SP500 has not performed well when the 1x2 is busted, a real momentum break down occurs, so take care if we get a sell down here.
First support is 1850, then 1830, masses of support below that.
Investing Quote
"TIME is the most important factor in determining market movements and by studying the past records of the averages or individual stocks you will be able to prove for yourself that history does repeat and that by knowing the past you can tell the future. ? There is a definite relation between TIME and PRICE. ? Now, by a study of the TIME PERIODS and TIME CYCLES you will learn why tops and bottoms are found at certain times and why Resistance Levels are so strong at certain times and bottoms and tops hold around them. ? The most money is made when fast moves and extreme fluctuations occur at the end of major cycles." ~ William D Gann
"The four most dangerous words in investing are 'This time it's different' " ~ John Templeton
NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
