Technical Analysts
Effective September 1st, 2011, the Market Technicians Association has entered a collaborative agreement with the Australian Professional Technical Analysts (APTA).
As part of this agreement, APTA will be providing MTA members in Australia and surrounding areas with local chapter meetings as well as local member services. In turn, APTA members will enjoy the MTA’s popular member services, including the Educational Web Series, Knowledge Base, Technical Analysis Podcasts, etc.
The Australian Professional Technical Analysts (APTA) Inc, founded in 2004, is a not-for-profit organisation of Technical Analysts participating in the financial services industry.
APTA facilitates the exchange of ideas in Technical Analysis and Financial Markets and encourages members to aspire to the highest level of professionalism in our discipline. They bring together accomplished professional and non-professional financial markets Technical Analysts to engage in networking and thought-provoking meetings.
APTA also strongly encourages the education of participants in the financial services industry and the application of technical research in the formulation of investment and trading decisions.
Both the MTA Board of Directors and the APTA Directors are excited about this collaboration agreement and view it as a significant step forward in expanding Technical Analysis to a global audience.
For the complete APTA Press Release, click here.
Mary Ann Bartels and Stephen Suttmeier, Technical Analysts at Bank of America, wrote in a report today that the S&P500 may slump as much as 21% as volatility on the benchmark measure continues. A low of 910 on $SPX is not out of the question, according to the analysts.
Here are a few quotes from the Bloomberg article:
“We are more concerned now that the downside risk could be more than we originally forecast,” Bartels and Suttmeier wrote. “Measured moves suggest 985-910 on the S&P 500 is a potential range where a market bottom may finally be found.”
“We expect several more months of volatility and once a bottom is made it will take months to build a base to repair the equity market — this could carry over into 2012,” Bartels wrote. “The violent swings within the market are more typical of a bear market than a bull market. We suggest using rallies to raise cash and or become more defensive until our trip wire to a bottom generates a buy signal.”
Here is the S&P500 chart going back to the beginning of the bull market. I included the Fibonacci retracements to help put $BAC ‘s analysts targets into perspective:
$SPX $SPY $ES_F
Source:
S&P500 May Plunge 21%, Bank of America Says (Bloomberg)
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