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Monday, November 1, 2010

Monday, After the close!!!

When BKX broke below the last line of Fib fan support (chart is this morning post), it also made a lower low as it broke out of a triangle of consolidation. A break below late August's lows, would also be making new lows for the year.
An exciting day for the day traders, with an impressive 18 point trading range, that closed on the flat side, with the SPX only up 0.09% at the ending bell. The green channel line on the above chart has done an excellent job containing the SPX, with strong support on the lower line, and strong resistance from the median line.
The short-term trend is weakening, but until the SPX can break-thru that green channel line, and start making lower-lows it is likely to grind its way higher in these corrective waves that are trading sideways with a slight bullish bias. 1171.70 still remains as the first level of support for making a lower low.
Breadth for the day was only 1.10:1, advancers, on low volume, less then 1B shares traded on the NYSE. The market is very ripe for a serious sell-off with a large gap down open, the question is more when , and not if. Trailing stops for the longs are a necessity when the longer-term conditions are as top heavy as they are now, as the last two weeks of gains could easily be wiped out with a 20 point gap down open, that continues selling off as the day progresses. I did post a couple of interesting charts in this morning updates that are worth checking out that are geared for the longer-term traders.

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