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Thursday, October 7, 2010

Thursday updates!!!

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The SPX is still flirting with the shorter-term bullish fans, which is why I have not been posting this chart everyday, not much was happening on it until this morning where any breakdown now on the SPX would loose support of the last green bullish fan, with next support on the gray fan in the 1150 area.
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No FED intervention today with more POMO dollars being spent propping up the markets. This will be interesting to see how the SPX handles a lack of bullish manipulation by the Government.

7:27, The SPX continues to respect the upper blue channel/trendline, very soon the down-trending red line will come into play, one which which be bearish if respected and bullish if ignored. First support from a major moving average resides at 1137.94

7:23, The SPX gapped up at the open making a higher high, then quickly reversed back into the bollinger bands, which are tightening up again. The Russell so far has yet to make a higher high.

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