Trading Environment:
-market remains in Up-condition
-Long Term Trending Fed- and Foreign net-Liquidity Inflows in high expansion territory with a chunky downtick
-new lows: 14 siggnal no panic selling for now
Confirming shortterm weakness:
-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-Leadership stock ratio reads +0.43 very low positive bullish advantage
-breakout needs to be confirmed with 22.6_23.9 being top resistance levels for a sideways range
Today's Session:
...the SPX 500 extending its slide with a violation of the February 10 *1311_August 2008 Peak *1313. at present testing the January 28 High *1303
...if the index is unable to bounce off coinciding lower channel support on the dly. 3-mth trading setup, expect further downside for a test of the February 3 Low *1294_February 1 Low *1286 support range
...a successful defense in the *1294/*1286/*1283 support range is expected, providing the foundation for another 6-8 week rally towards upper channel resistance current *1366; potential to reach out to hit the *1420 measured objective
Kind Regards
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