Charts I’m Watching: February 21, 2012

UPDATE:  1:50 PM SPX faces a gauntlet of overhead challenges, seen here on the 60-min chart: Previous High:             1370.58Inverse H&S;:               1372.00Butterfly 1.618:            1375.47Gartley (2007) .786:     1381.50 Rising Wedge Apex:    1392.23 RUT Bat and Crab pattern highs continue to hold. NDX, like just about every other index, spent … continue reading →

Retail Sales As usual, the economic headlines from MSM are wrong — focusing on the 0.4% seasonally adjusted increase rather than the actual 21% decrease from $459.8 in December to $361.4 billion in January.  Wait, you say, you can’t compare January and December, with all that holiday shopping included!  That’s true, an adjustment is appropriate … continue reading →