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Thursday, August 19, 2010

Thursday updates

9:21, BKX has come with-in 55 cents of making a new low today, if the financials are leading, the SPX has quite a bit of catching up to do.
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8:56, The SPX is close to making a major lower low, breaking below 1069.49 puts 1056.88 as the next point of support. So far this morning, three days of gains have been wiped out in two and a half hours, this is bearish, longer term.
Warning for the bulls, Breadth is still increasing, now at 6.21:1!!!!

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8:06, The SPX has broke support and re-entered the bearish Fib fans, next support is now down at the 1050 level if it can stay in the bearish fan.
Breadth has been increasing for the decliners, now running 5.06:1!!!
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7:47, The SPX is breaking down this morning leaving the "X" wave option barely alive, and with breadth close to 5:1 decliners, this sell-off could have legs, 1069.49 would be huge for the bears if this gets broke, eliminating most if not all of bullish counts out there in the blog world.
7:41, The Trend Finder went from 25% bearish to 75% bearish but needs some more downside to stay there, if there is much upside, it will jump back to 25% bearish.
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7:21, The SPX broke down at the open and made a lower low, I have two counts going right now, a "X" wave, or for the start of a larger-trend down, a 3rd wave. 1075.16 needs to give for the 3rd wave down option.
7:00, The Trend finder went from neutral to 25% bearish.

1 comment:

  1. sold spxu at 33.51 small profit. 1070 is tough place to crack for now. Looking for a jump up then all in on an option Put sp dec500 around .65

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