Ronco Says Charts Looks Weak

S&P500 Looking Weak Could Drop Back to 1100

Charts Analysis

Riccardo Ronco Technical Analyst with Billings Ramsay and Friedmans International has just been on CNBC talking about charts - basically in his technical analysis of the charts he continues to see bearish patterns on all major indices in particular for the S&P500 he said :

The new high seen in May is not confirmed by the advance/decline lines, this indicates weakness, other indices show similar signals and overall the picture is pretty bleak, volume on rallies is lower than on declines - short term he sees the S&P dropping to 1300 with a rebound to only 1350/70 – the relief rally is now over and for September/October he expect the S&P to be at 1170/1200

Nasdaq he expects to see at 2000/2050 with the DOW at 10800/11000