Stocks got spooked today. I didn't think the bear flag from Friday was quite done, but we went ahead and gapped down and broke it on the open today. Will be interesting to see how this pans out here. We should have some questions answered soon.
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Key Levels
Upside -- 1274, 1311
Downside -- 1245, 1230, 1218, 1188
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SPX Daily;
Pretty ugly reversal today that closed at the low. You can see we closed in an open pocket there which is why we closed at the low. We need another 12 points south just to hit our first level of support from here and that's just the mid bollingers.
Our bollingers are still pointing up and the 50 and 100dma's are curling up.
I dont think we can really start falling apart until all those things roll back over and are pointing south again. That's not to say we can't just fall right through them all and not stop and then cause them all to turn downwards because of that... we could do just that. But all three of those things will provide stronger support for the market as long as they are all heading north.
MACD is at 23.65. That is the third highest level in the last 10 years.
The other 2 occured just slightly higher at 24.77 and one was at the 2007 high and the other was just after the severe bounce that occured at the 2009 low.
The Stochs are still up above 80 and may start turning down here and flip to a sell.
Its interesting to me that the market got hammered pretty good today but we got very little movement south from the MACD or Stochs.
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Other items of note.. the weeklies are still on a buy here but the Monthlies are on a sell like the daily is about to.
To really get moving on the sell side, we'll need to get under 1230 first and then getting under 1188 will put the cherry on top.
GL
CJ
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