10:45, Light Sweet Crude is getting hammered today, even though the Dollar is down. Trendline support is down at the $86 level. BTW, Sugar also is down 10% on the day. 
The SPX is the latest major index to have a sell signal flashing intraday, it still needs to close bearish to confirm the signal because the Trend Finder II is based on daily candles. 
Click here for a live, and updated chart!!!The SPX is right on the support of the short-term bullish Fib fan line, a break here moves support down towards the 1225 area. All indicators on the daily chart remain in over-bought territory
The VIX did manage to break above the 20 day MA at $17.38, however the Bollinger bands are starting to tighten up. The VIX really needs to break above the trendline of resistance and make a challenge of the previous high at $23.84 to confirm a bearish move on the equities.
Click here for a live, and updated chart!!!7:43, The SPX is down on the day, what is lacking is a decent impulsive look to the sell-off, right now it can be counted as a 1-2, i-ii down, or a corrective count a-b-c because of the over-lapping waves, until the SPX gaps down hard for a 3rd wave, odds lean towards a corrective count.
1251.48 is the first important previous low that needs to get taken out for the bears case.
*My stop on TZA was taken out at the open, for now I am sitting on my hands and re-evaluating a new entry point and stop set-up.
It's simply amazing to observe this market...one can just sense how Euphoric Wall street feels.
ReplyDeleteEurope doesn't matter, China doesn't matter, ...nothing matters.
Stocks will only go up and up and up