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Monday, October 4, 2010

Monday updates!!!

9:33, The MACD has joined the other indicators on the daily chart and finally went to a sell after rolling over this morning and producing a negative reading on the Histogram. The 20 day MA is quickly approaching(1128.46) and will be the first major MA that will provide support for the SPX, unfortunately for the bulls, once that level has been reached the SPX would of already broke below the all important level at 1131 and would be in the process of filling a large gap.
Click here for a live, and updated chart!!!
9:22, The SPX has made a minor lower low, breaking below 1136.08, moving the short-term trend to neutral, a solid break below 1132.09 would move that trend to bearish. Volume so far for the day is running 83.3% sell volume with the small caps having the largest movement to the downside. The Russell feed in Stockcharts is not working this morning so the Trend Finder is out of commission until the feed is revived.
Click here for a live, and updated chart!!!
9:05, The SPX is breaking down, and is dangerously close now to taking out support at the 1131 level. The 1105 level is where next support is from a longer-term bullish Fib fan.
7:34, The VIX continues to make gains, up 3.73% this morning, even though the equities market are up slightly. This is very unusual for the VIX to track WITH these markets. The VIX is also knocking on the door of the upper trendline where a break above should be bearish for the equities.
7:22, The SPX needs to break-out of this tight trading range it has been stuck in for the last two weeks, then maybe we can get back to a real trend. 1132.09 would be the first level of support which would put the smaller trend bearish, while a break above 1157.16 would be bullish, but in both cases, the SPX needs to make those higher highs, or lower lows with conviction.
There is also a large gap between 1125-32 which would love to be filled. All this sideways action for the last week is pushing the STO up into over-bought territory.

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