{"id":31025,"date":"2012-07-22T22:24:54","date_gmt":"2012-07-23T02:24:54","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=31025"},"modified":"2012-07-22T22:24:54","modified_gmt":"2012-07-23T02:24:54","slug":"put-your-seatbelts-on-its-about-to-get-bumpy","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/07\/22\/put-your-seatbelts-on-its-about-to-get-bumpy\/","title":{"rendered":"Put Your Seatbelts On, It\u2019s About To Get Bumpy!"},"content":{"rendered":"

By Chris Vermeulen, GoldAndOilGuy.com<\/a><\/span><\/p>\n

\n

It was just about a year ago today when the S&P was sitting at fresh highs and everyone was enjoying a rather upbeat summer.\u00a0 It was a nice summer, the markets were calm, and there was a surreal sense of optimism.\u00a0 Then, in the matter of a few days, things got real ugly, real quickly.<\/p>\n

Well, it doesn\u2019t seem like too much has changed since then.\u00a0 We\u2019ve had mixed earnings reports, ever-evolving worries in Europe, and the always looming fiscal mess in the U.S.\u00a0 Once again, are we in the calm before the storm?<\/p>\n

It looks like things in Europe may start to heat up again.\u00a0 Riots turned violent again in Spain as protestors took to the street over austerity measures.\u00a0 With seemingly no resolution, a sinking tourism industry in the PIGS, and a typically hot summer August on its way, all signs point to further turmoil.<\/p>\n

Technically, we\u2019re currently seeing a number of bearish indicators setting up in the S&P and other markets.\u00a0 First, on the weekly chart of the SP500 Futures we can see what appears to be a bear flag formation developing.\u00a0 Note the recent rise in price since the beginning of June on decreasing volume.<\/p>\n

Weekly SP500 Futures Chart Patterns<\/strong><\/p>\n

\"Chart<\/a><\/p>\n

Chart Pattern Trading<\/p>\n

 <\/p>\n

Daily Chart Elliott Wave Count For SP500<\/strong><\/p>\n

A second look at the S&P daily illustrates a down trend and 5 wave count bounce in the market, both are currently pointing to lower prices.<\/p>\n