
The bears need that trendline on the RSI to get broke to the downside just as it did back in May '08 at the beginning of the big crash, notice that the RSI is at 50 points, the same position as it was back when the large sell-off of '08 occurred. The STO is not as bear friendly, still up-trending with room to run before reaching over-bought conditions.
The Daily chart has the 200 day MA acting as resistance up at 1115.50, and the 50 and 20 day MA as support at 1082.19 and 1076.91, respectively.

There were no major higher highs, nor lower lows made today, only a minor lower low. Over-all the short-term trend remains bullish, and the longer-term trend bearish until 1131 is taken-out. The Trend Finder has been on the verge of going to 25% bullish all day, with a couple of indicators dancing back and forth in the neutral zone not quite giving a strong sell signal that would effect the larger readings.
Breadth for the day closed at 2.76:1, decliners, on very light voulme which would be consistent with a day of 4th wave consolidation, how-ever if breadth increases in the morning with a gap down on strong sell volume the short-term uptrend would be in serious trouble.
Side-note, the VIX did close above the 200 day MA, you can see the chart in the post below along with some intra-day charts.
More charts coming later today as they are up-dated.
hello
ReplyDeletethis was the first resistance is causing some problems for the bulls
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