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There has been such focus on trying to understand how shallow or deep the upcoming correction might be, I thought I’d jump into the fray of prognostications.
The whipsaws that are occurring on a daily basis in the indexes is more reminiscent of a top formation rather than a normal, mild correction. Time will tell of course, but we can look to the charts to see how far of a fall we can expect if there is a draw down ahead. (more…)
I’m going to be taking a careful look at bonds today but first I’ll look at the position on SPX after yesterday’s retest of broken triangle support.
On the SPX daily chart we saw a bounce to test the daily middle bollinger band and then a reversal to retest the broken rising wedge resistance trendline from 2011 that has been holding as support this week. It’s worth noting that yesterday’s low was only four points above the daily lower bollinger band so I’m counting that as a technical hit and we could well see a bounce from that hit of a key technical support level. SPX daily chart: (more…)
Very straightforward price areas today.
Support: 1619.75-1621.75
Midpoint: 1632.25-1633.75
Resistance: 1641.25-1644.25
Here is the chart:
Packed news schedule today, so make sure you are aware of all the releases. Should be a great day.
It’s all well and good that the market is finally showing some weakness. I’m loaded to the gills with ninety short positions (all small, representing roughly 1% of my portfolio each, with the rest in cash), but how long do we hold on? How far will the market be permitted to slip before beard-face & company intervene? (more…)
