$SPX 60 Minute: Market is stuck between price zones, in No Man's Land. Below is my expected outcome.
$SPX Daily: Nothing really new today. The market is testing that cluster resistance area once again. Will we pop above and then back test, or do we consolidate first? We should see the answer to this soon.
IBM: Price above the middle pitchfork with widening BBs, there's nothing bearish going on in IBM yet.
Still in the up channel with nothing bearish in this view either.
$TRIN EMA 13 Day: This has been a solid tool for gauging a potential roll over in the market the past several months. It has finally pushed down to the area where the market has rolled over in the past.
My Watch list:
DECK Weekly: The daily chart doesn't provide much of technical use, but the weekly and monthly are quite interesting. We have solid divergences forming with the MACD trying to turn down.
DECK Monthly: Still one of my favorite monthly charts. Big RSI divergences, but the MACD has yet to turn over. BBs starting to pinch!
DRI Monthly: MACD has rolled over but price did hold the prior peak support today. Below that should open some selling pressure.
From My Trading Desk: At the open, DRI seemed to have stalled going down so we closed our fractional short for a small gain. We scalped a short on AZO for a gain. We shorted a small position of DECK. And going into the close we shorted back into DRI after it had bounced intraday.
I'm still keeping my trades to a minimum because Mr. Market is in No Man's Land.
J.D. Rosendahl, Rosey
Wednesday, December 7, 2011
|Stock Charts: Market Still Testing Cluster Resistance Posted by J.D. Rosendahl at 5:47 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.