Reader Josh Clark writes in to protest our discussion of the S&P "Golden Cross."

For technical analysis to have any use, it can't just be based on moving averages which any old computer could identify, but rather it requires human observation..

And to that end, he sent us this chart, which shows that not only on is the market currently in a mini "head and shoulders" pattern, this head and shoulders pattern is in itself the second shoulder in a larger pattern, which apparently means the market is doubly doomed!

Or not!

Please follow Money Game on Twitter and Facebook.

Join the conversation about this story »

See Also:

• CHART OF THE DAY: New World Oil Demand Blasts Past Old World
• CHART OF THE DAY: Does Anyone Else Think These Charts Look Similar?
• CHART OF THE DAY: Why Is The Baltic Dry Index Getting Crushed?