Nasty doings, today. The SP 500 could not take out resistance levels
above 1120 during this recent rally. The market started to break
yesterday and blew out today with stern short term warnings. The
uptrend line off the the early July lows was broken and the standard
MACD format turned down. In addition, the "500" blew through
supportive 10 and 25 day moving averages.
The market dropped to a slightly oversold condition and a break
below 1070 -1075 on the "500" over the next 3-6 trading days would
pretty much scuttle an extension of the rally as momentum would
be unusually low to expect continuation.
SP 500 chart.
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