Top trader: ‘An ominous pattern is forming on the daily chart of the S&P’

From Jeff Clark, Editor, Stansberry Short Report:

Stocks have fallen for two straight weeks.

The S&P 500 topped out at 2,111 intraday on April 20. Last Friday, the index dropped as low as 2,039. That’s a loss of more than 3% in just two and a half weeks… and it was enough to wipe out all of the gains in the stock market this year.

But at the market’s low on Friday, several technical indicators – like the McClellan Oscillators for both the New York Stock Exchange and the Nasdaq – had stretched into oversold territory. And many individual sectors were forming bullish falling-wedge patterns on their intraday charts.

The market was gearing up for a bounce.

Sure enough, the S&P 500 found support at the 2,040 level. It reversed and closed Friday at 2,057, up 18 points off the lows. The bounce continued yesterday with the index adding another…

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