Monday, January 26, 2009

P&F Chart Update...

A few of the indices produced breakouts higher on this morning's run up. New bullish targets were produced on the following charts, and a corresponding bear target on the VIX of 38 was also produced:

S&P:


NDX:


Wilshire:


Utilities:


VIX:


I should also add that when we are in a flat or triangle formation that the P&F charts can be whipsawed into producing targets whenever a support or resistance level is penetrated, even if only for a short while like this morning.