Bear Flag

Looking at the indices they are all forming bear flags BUT caveat is that we have seen this in this uptrend and the don't pan out. Maybe the North African, middle east problems is just pumping fear into the market for a mild pullback.

Last week

Last week we were looking at the following lower points on the S&P 1299.50, 1289 then 1284, seem they want to hit them. I am going to be doing some hedging here as I am not getting clear signals on the daily chart at all. In the meantime Gold running higher and Oil seem it is slowly but surely going for the $113 I have been speaking about for awhile. Still don't think we roll over and die here but just a breather so we can attack those highs again, IF I am wrong then it will be very early to get on the ride down so not an issue.