bear flag chart - market shows bear flag chart

bear flag chart is still playing out on the S&P and we have not seen any strong buying hands come back in so far. It seems they are trying to take out more sell stops!

The bear flag chart pattern you see below is strong indication as well as looking at weekly chart, that the bears are still in control for now.

bear flag chart

One of my favorite market indicators the 'SUMMATION INDEX' is still clearly on a sell signal. 

bear flag chart

We have still not hit the bear flag chart target yet, but it is early in the week and anything is possible. There is much hype and histeria with the news right now, even after obama has been re-elected, but still the charts and sentiment are giving us a much better picture of the actions to take right now. When trading we must remember one IMPORTANT thing. The charts NEVER LIE! The Governments do!


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