Live Blog Chat-room 2

Tuesday, October 12, 2010

Tuesday updates!!!

is still declining 7:48, The bears are not following thru on the sell-off at the open, "Down Volume" is NOT increasing, but is declining, this is not bearish until "Down Volume" over takes "Up Volume". Longer-term though there is a weakening of the up-trend as evidenced by the declining "Up Volume" numbers.
7:37, There are signs that the Euro could be breaking down, which would be bullish for the Dollar, and bearish for the equities market. The indicators which are in extreme over-bought territory are in the process of rolling over to a sell, and there was a break below the short-term channel line this morning. 7:16, The VIX recaptured the Bollinger band, and in the process left a bullish inverted island formation. (open gaps on both sides). The VIX does need to breakout of the triangle to the upside and take out 24.52 to get real bullish. The flip-side has the VIX back-testing the bottom line of resistance, before breaking lower and filling this morning gap, invalidating the inverse island formation.
Click here for a live and updated chart!!!
7:01, The SPX opened with a spike down, but has yet to make a lower low or break below any of the channel lines which would put the uptrend in jeopardy. 1151.41 is support from the last low, and would be the first sign a top was in, ultimately the SPX needs to break below 1131.87 to confirm a top was in. The Trend Finder is coming back to life this morning showing some weak bearish signals, but not quite enough to move it out of the current neutral position.

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