Getting High (Profile Earnings)
The chart for the iShares Barclays 20+ Year US Treasury Bonds (TLT) is getting very interesting once again. A failed breakout attempt on a bullish cup-and-handle pattern has now morphed into a bearish head-and-shoulders pattern.
The right shoulder is still in its infancy as shown by the pink boxes, but if TLT consolidates around $124 for the few days or even the next week, then breaks $124, this one looks like a trading short all the way down to the $116 level. There really isn't any support though until TLT hits $114, so this is worth a watch. If that were to occur, then I would imagine we would see the Volatility Index (VIX) push towards 14 and the S&P 500 push well over the 1420 level....299 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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