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Monday, December 14, 2009

Monday updates




4:39, To say that things went are bullish is an understatement!!!
After the close, Somebody forgot to tell the BKX that they was a rally in process over the last four trading days. Some of the Banking stocks got hammered today (Citi, down 3.6%)!!
Even though the over-all market gained today, it looked weak, and without all the sectors participating. Volume was very light, and might be the weakest in the last week, with Breadth that also did not confirm any strong bullish moves, 2.90:1, advancers.
The VIX made two lower lows after it dropped down to 20.57, before rebounding and closing at 21.14. The last and final low on the VIX is at 20.05, the last point of support.
The SPX did make a higher high today taking out the high of 1110.72 set on Dec. 7th. leaving only one high left before making a new high at 1119.14. The trend is still up, until we start making lower lows down in the 1100 point range
Click here to view an updated VIX chart!!!
9:47, Although the VIX has yet to make a lower low, it has broke below trendline support!!!
Click here to look at an updated Fib fan chart!!!
7:10, Opened gap up, and shot right up to 1112.60, but breadth is less then impressive, only running 2:1 advancers!!

6:11, the ES has almost completed five full waves since the close on Friday hitting 1118.00 in overnight trading, also note the drop off in volume for the last four trading days!!

6:45, note, that 1118 number might be wrong, other sources are not confirming 1118!!

5 comments:

  1. Remember that most ES futures volume is switching over to the March contract, so it isn't surprising to see volume dropping on the December futures.

    I think I am the bearish-est person on the planet, but dropping volume on December ES isn't itself a bearish sign.

    ReplyDelete
  2. Jim, Thank-you!!
    That does make sense, and was something I never considered!!

    ReplyDelete