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Saturday, October 23, 2010

Week-end Observations

Roy has a very interesting clip this week-end on the Bond bubble, which if it pops, could be good for stocks as money leaves the bonds and flows into stocks. Click here to view the ten minute clip!!!
The 50 month MA is resistance at 1207.26, and on the last rally the SPX did respect it. Support is now at 1061.33 from the 200 month MA.
Here is an interesting chart with some channel lines drawn based on the blue line with the arrows. There were five solid bounces off of this line, the lines are parallel with the top line using the peak as its point.
The Summation Index has been printing red bars, but has been unable to accelerate to the downside, something that it needs to do to signal a new downtrend.
The percent of stocks above their 50 day MA might of put a top in, but in order to confirm a new down trend, I would like to see it break below the 20 day MA, other-wise it could bounce higher. If Monday is a down day, it would surely signal a sell sign.
The SPX seems right on the verge of breaking down, but it is very possible that it could hang here for a couple more trading days.

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