CENX hit pattern support today. Furthermore, AA dropped 9 consecutive weeks, straight into the weekly 200sma without any consolidation. JO (coffee) is near a double bottom; however, pattern suggest more down side to 17.70. Corn, Weat, and Soyb all broke through the weekly 50sma; however, it needs to form a base.
I'm accumulating this stock on weakness. On a weekly chart, draw an extension line on the lower lows and then connect the two peaks coming down. The stock is trading on the bottom line of the wedge pattern with three intermediate peaks down after touching the top line of the wedge. The next time it goes up it will break out.
SPY hit daily 200sma, media pumping market correction, the question is will the funds step in to window dress their portfolio on tomorrow's end of quarter date. I am pretty sure the market will close green tomorrow, but I am not sure if they will gun for the triple bottom support in the pre market or bounce it here at the 200sma.
Often times when a stock snaps back and reclaims a major support, it goes back to test the previous high. In other words a change of polarity or a reversal takes place.
It depends on the close. If it closes above 46.18, its considered a cup and handle break out on a weekly time frame. The chart is telling us to stay long.