Peril In The Markets? Part IV

The price action in the S&P500 since the March low at ~666 has struck me as being very "impulsive." This is certainly a cause for concern. Also, there certainly has not been any significant "wall of worry" that one would expect given the fundamentals.

The charts seen in this post are from Maurice Walker, http://thechartpatterntrader.com. First, a daily chart of the S&P500. As seen in this chart, the 1050 area is certainly one of great significance from a chart pattern perspective. Don't ask where the large rising wedge would project to on the downside, if it indeed proves a legitimate bearish pattern. Also, the large broadening pattern is notable, as is the smaller one, as seen by the dotted line. Also, of immediate concern is the potential bear flag pattern of the last few days:








Chart Courtesy of StockCharts.com









Also, here is the Weekly chart. I don't have much to comment on with regard to this chart, other than to say it gives a good longer-term perspective:









Chart Courtesy of StockCharts.com









Lastly, here is a weekly chart of the QQQQ. Again, the same rising wedge pattern seen in the SPX...additionally, the price is right at the downtrend line from the all-time highs, so this is a very important juncture:











Chart Courtesy of StockCharts.com






Now onto Part V...



SPX at 1049.34 as this post is written