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S&P Technical Analysis
Pinnacle Digest writes: Despite the bullish earnings from Apple (AAPL:NASDAQ), and the Federal Reserve appearing to be compliant with another QE3 in the future, Guy Lerner believes we could be at a market top. His S&P technical analysis points to weakness in the market and he believes a pullback is imminent.
In his article, Lerner explains the similarities between the S&P in 2012 and 2011. He points out to readers that the S&P was range bound for 6 months in 2011. It traded in a 75 point range in that period and afterwards proceeded to crash 20% over 4 weeks. Similarly, the S&P has been stuck in a 65 point range for several weeks now.
Guy Lerner refers back to his ‘Dumb Money’ indicator in this article as well. He often uses it as guidance when determining market tops.
Click here to read Guy Lerner’s article.