Friday, November 16, 2012
Pretty nice bounce after retesting 1350 twice early in the day. Support and resistance are now 1350 and 1375 with 1382 being the top of the bearish range. Short term the market is showing a little strength but the longer term actually looks worse even with the pop today. The aggregate move Monday/Tuesday will go a long way in determining the week next week. The VIX is probably the most interesting sinking strongly down to 16.41 which suggests everyone is ok with what is happening.
Thursday, November 15, 2012
Although the market was down it held above 1350 after testing it twice and one of those the last half hour of trading. The S&P 500 is still holding in its oversold condition. I think we could bounce a little off these levels but probably expect a retest of 1350 first. The VIX was essentially flat today, holding at 18. Still a very orderly sell off and no panic moves. Long term sentiment has not changed.
Wednesday, November 14, 2012
Yeah pretty ugly. S&P was down 19 with not much of a fight to hold 1375. Next congestion point is 1350 with 1330 now in play on the yearly fibonacci retrace. All indicators are growing more bearish. Market is still technically oversold, but it really does not seem to care.
Tuesday, November 13, 2012
Bad news bulls. They took the morning with a strong rally back to 1388 and then gave it all back with the S&P 500 finishing down 3. Short term and long term are now both bearish. S&P broke below a yearly trend line that I mentioned in an earlier post, Could get ugly tomorrow
Monday, November 12, 2012
Pretty tight 7 point trading range as the market tries to sort itself out. Long term indicators still very bearish but the short term looks like we could get a little pop. Retrace target is almost 1400. Anything weaker and we could start selling again.