Coil Pattern in S&P Remains Intact

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By Mike Paulenoff | Published 06/27/2006 | Stocks | Unrated

Coil Pattern in S&P Remains Intact

Well, what now? Our coil pattern now remains intact (just barely) but the coil has narrowed to a range between 1253 and 1241. This morningâ�,��"�s rally failed to hurdle the top of the range, and so far the bottom of the range has contained the selling pressure. My overall pattern work argues for a resolution for the coil to the upside, but right now there is a definite lack of umph to propel the index in either direction. Perhaps we really will have to wait until after the FOMC meeting on Thursday to resolve the current "standoff."

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.

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