Really weird, from Bulkowski's blog post of 2-27-2008... the comparison of the spx500 and nas100, and the nas NOT breaking out of its triangle and the spx500 did. The exact same thing happened yesterday. And I quote, credits to Bulkowski. (sorry cannot post the picture of the chart he used - don't know how to do that yet)
2/27/08: S&P 500 Symmetrical Triangle
The S&P 500 index
Price has closed outside the symmetrical triangle upper trendline, point A, signaling a breakout. I did not connect the low at B because I like the trendline being closer to the two minor lows, but it doesn’t matter much.
The Dow Industrials also show an upward breakout from a symmetrical triangle. The Nasdaq, however, is still mired within its symmetrical triangle.
2/27/08: S&P 500 Symmetrical Triangle
The S&P 500 index
Price has closed outside the symmetrical triangle upper trendline, point A, signaling a breakout. I did not connect the low at B because I like the trendline being closer to the two minor lows, but it doesn’t matter much.
The Dow Industrials also show an upward breakout from a symmetrical triangle. The Nasdaq, however, is still mired within its symmetrical triangle.