$SPX 15 Minute: The market did finish the abc pattern yesterday and sold off today. It gapped right below the uptrend line. No divergences anywhere yet, so maybe a little bounce and a little more selling pressure.
$SPX 60 Minute: I've drawn in two support lines to show price is holding it for now.
$SPX Daily: The MACD is trying to turn down and if it's going below the zero line then price should break below this trend line. That's what I'll be watch near term.
IBM: Divergences building but price still holding support.
JNK: Price constricting higher! Still resilient, but it won't take much selling to change that view.
$VIX: Still in this little zone between support and resistance.
$WTIC: Oil rolled down today which tends to confirm this move up is nothing more than a bounce. It might have another little attempt going higher, but I still think this larger move down is not finished.
$SILVER. Silver turned down as well. If we get below the trend line we have price support levels and the 200 day MA as targets. We could easily bounce off the trend line one more time.
My Watch List: I have a few charts.
DVN: A little H&S top with a back test of the neckline. I still have a short going on this one. Price reversed today with commodities. The price target of the pattern is down around the 200 day MA.
GORO: Another H&S top with price sitting right on the uptrend line. Price target is below $22.
KSS: I've looked at this several times. There's still a possibility for an inverse H&S bottom. Guess who reports earnings in the next day or two? Worth keeping an eye on this one for a break on news.
From My Trading Desk: Today we took a fractional short of GORO.
J.D. Rosendahl, Rosey
Wednesday, May 11, 2011
|Stock Charts: Markets Roll After a Little abc Pattern Completes Posted by J.D. Rosendahl at 2:46 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.