Saturday, May 23, 2009

Bear Flag Updated

SPY bear flag that is not completely formed is shown on the 65-minute chart.  Recent high of 92.80 and recent low of 88.28, gives a target of 84-ish.

We also see other bearish features including developing head and shoulders and also a lower high from 5-21.  While the volume has not dropped off recently, it is quite a bit lower in the past couple weeks as the market has topped out.

Declining Vix may signal complacency.