Bo Yoder’s S&P Analysis

The S&P 500 (ETF Proxy – AMEX:SPY) is finally starting to show signs of reversal after a long grinding short squeeze.  Now that the logical stop loss levels have been squeezed out, our firm is just waiting to see signs of reversal confirmation before putting on a strategic short position.  Our forecast is for one more bullish push which will either fail as a double top or a head and shoulders pattern.

Timken Roller Bearing (NYSE:TKR) broke out of the “accumulation” zone, and has started it’s first correction.  Looking back on the last correction, I would expect to see price come back to the 20 SMA and then we will be in a position to measure power and assess the odds for continuation of the trend.

Intel, (NASDAQ:INTC) has formed a bull flag on its daily chart. As price breaks down to a new low, be on the lookout for signs of reversal within the zone highlighted in red below. We would expect to see a retest of the highs at minimum, with the potential for trend should power surge out of the setup.