Heikin-Ashi Shows a Weaker Market Here $SPX $SPY

August 18, 2012

Life is simple: We may disregard any technical indicator here because of the important resistance @1,422. “The market will peak here and retreat.”

Does heikin-ashi offer corroborating evidence?

The modified candles (middle pane) are still white, pointing to an uptrend and no reversal.

haDelta is far from its first historical resistance (blue dot) so any haDelta peak below it would mean a weaker market for a while.

 

Heikin-Ashi Shows a Weaker Market Here $SPX $SPY 8/17/2012

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