Sand Spring Advisors LLC
Neckline Looming
November 5, 2002
by, Barclay T. Leib
Chart constructed using Advanced GET End-of-Day
In the chart above, and starting with a potential analog pattern match, we show an old chart pattern of Amazon back in frothier days on the left, and the current chart pattern of the S&P on the right. Both appear to us as rather large head and shoulders patterns with distinct similarilities. Namely, both broke down through the labeled "necklines" in a fast wush, and just as Amazon came back to "kiss" the bottom of its broken neckline in May 2000, so too it appears that the S&P 500 is currently doing the same. Monday's S&P rally stopped just at the bottom edge of a resistance box where we'd expect the recent silly rush to buy stocks to completely peter out.
One added note: The arrows drawn on the S&P chart above first appeared in an article we wrote back in November 2001. We left them here just to give a sense that our expectations back then actually ended up being fairly close to the subsequent reality.
Non-subscribers are invited to access this August article, together with our more recent October 4th subscriber-only missive ("The Ancient History of Math, Current Pi Cyclical Rhythms, and The Macro Picture in Europe and Asia in Relation to the U.S") by signing up for a quarterly Sandspring.com subscription below.
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