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Friday, January 7, 2011

Friday Updates!!!

The 20 day MA is coming back into play, providing support at 1255.58, this is the first major MA that the SPX needs to break thru for any sort of bearish scenario to gain traction Here is a quick comparison of USO and the SPX, the recent sell-off in commodities could lead the equities markets lower also.
10:31, The Russell is testing the lower longer-term trend/channel line, a break here really ups the odds of a larger sell-off.
9:49, The SPX has decisively broke out of the short-term channel, and is very close to making a lower low at 1262.66, this would put the uptrend in jeopardy.
**Breadth is currently at 2.83:1, still on the weak side, but it has been increasing all morning, I would like to see it approach 5:1 before getting too excited!!!
The Euro finally made a lower low, and is respecting the new down channel.
Copper is having another rough day, down presently 0.43% on the day and off 4.40% from the high.
*Breadth today though is not very bearish, and is currently running at only 2.29:1, decliners.
BKX is not having a good day, down close to 2% at one point, and a clean break out of the rising bearish wedge. The sell-off is very impulsive looking!!!

Spain's $IBEX had another bad night, and will close here soon, currently down 1.2%, it is VERY close to breaking down!!!!

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The odds are favoring an Ending Diagonal playing out right now, squiggles would have the SPX working on the 4th wave of the wedge with one more pop-up for the 5th and final wave. Truncation is always a possibility.
-You Can Learn How to Forecast with Technical Analysis

1 comment:

  1. EURUSD
    Broke support.
    http://99ercharts.blogspot.com/2011/01/eurusd_07.html

    ReplyDelete