October a damp squib
But, like an unexploded bomb, with the S&P 500 the danger comes in the shape of a head-and-shoulder reversal pattern
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OCTOBER'S fearsome reputation as a month of panic, collapse and rapid rebound turned out to be a damp squib. Much beloved of boys' adventures from the 19th century, a damp squib was a small explosive device that failed to explode.
This October's market activity had the same characteristics, but an unexploded bomb still represents a danger.
With the S&P 500, the danger comes in the shape of a head-and-shoulder reversal pattern. This is best observed on a weekly chart. The head-and-shoulder pattern is a reliable signal of a significant trend reversal.
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