As discussed back on 9/20, this large advance was in need of a
vacation or correction after such a powerful run. Today's sharp
decline fractured the uptrend leg running from early July.
Moreover, further weakness would fracture the uptrend line
running from early Mar. At today's close of 1030, the SP500 is but
10 points above the longer running trend line and a break there
would be a bit more serious. the market is slightly oversold now
and is not yet in a confirmed shorter term downtrend. Now since
July, the boyz have been quick to go long on the little dips, so the
next trading day or so will be interesting. A more respectable
oversold would come at around SP 500 990.
A look at the chart linked in below shows that SP 500 is in a
pivotal area. Chart.
No comments:
Post a Comment