SP500 failed breakout

Posted by downtowntrader | 8/09/2006 09:32:00 PM | 0 comments »

The SP500 fell back below the neckline of a reverse head and shoulder failng the breakout. If it can't reclaim the neckline tomorrow it might be all over for the bulls in the near term.

Here is an updated chart on FMD. I still think this thing is headed much lower.
LVS had a nice drop from the trendline break and is now up against major support. Watch to see if it breaks down.
EZPW is one that could go either way. The chart looks bearish but it is sitting on the 50sma and is very oversold.

Thats it for tonight. Good Luck,