SPY, DIA, QQQQ, & PG - It's a channel thing...

Check out the retracement of the majors to the mid-channel line. Will it break?


I'm throwing Proctor & Gamble in here for the H&S pattern and test of the Fib level. Lately I've seen more failed H&S patterns. It would not surprise me to see PG head back to $67 after this latest downward move fizzles.
Have a Great Memorial Day weekend.

The VIX and Fibs......

Yesterday the VIX bounced off of the Fibonacci 23.6% or $16.04. Coincidende you say? I think not. Amazingly the PPI comes out "Hot" and now the media is propagating the Inflation story and the Dow falls almost 200 points and the VIX is back to $18 before lunch.

GLW, DD, JNJ, & DIS

GM versus Ford

GM continues to struggle and appears to be heading for a test of the recent lows.
Ford is looking a little stronger and could be posting a bull flag here to jump to the double digits. The tell will be the direction when volume reappears.

Where are the old leaders going? AAPL & GOOG

Will AAPL rollover insde the box continuing the H&S patterm or continue higher? Either way AAPL's due for a sucstantial short-term move. Roll-over equtes to the red box and Bull run flag (indicated by the pink oval) move would project AAPL to the green box and all time new highs.
GOOG is still lumbering around consolodating and could very well fill the gap up$450-$600 or make the Bull flag jump back into the $700 range.
I believe these companies will tell the tale of the overall market in the coming days and weeks. Irregardless of direction a disceranble trend will emerge and markets will follow.

What will be the catalyst?