...the SPX 500 violated the 50% retrace of the 4 October 2011 to 27 October 2011rally *1183 with an intraday Low *1181.65 - closing *1188.04 above the inflection point *1183 - the intraday break below *1183 suggests lower prices ahead as long as weekly trendline resistance current *1222.74 caps the upside - the next logical down target is the 10 October 2011 price/50-dsma Crossing *1175.92 - potential to stretch lower to challenge the 10 October 2011 Low *1158.15 before setting a near term bottom
...several developing positive divergences in the market internals suggest potential for price to form a near term bottom
-positive volume divergence
-lower VIX Close *32.19
-positive divergence in the growth rate ----FTL(follow the leader/very strong)-stocks growing now faster than the strong stocks
-positive divergence in the amount of institutional selling versus NYA price action
Trade: buy current prices target: *1325 stop: *1175
Trade: buy Close *1200 (+) target: *1325 stop: *1183
Kind Regards
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