Monday, November 10, 2008
It was an easy fade after the Friday follow-through/Chinese stimulus gap +2% higher. We may see support at the confluence of the 5-Day MA/ Pivot for the SPY at about this level (about SPY $93.30), but be aware that the cumulative tick and AD lines are very negative. Posting a bit early today, I'll update the chart later on.
10:20AM PST: No need to update the chart... it has been a straight, even slope down to S1 (SPY $91.50), where we have found a little support. Tick and AD lines have leveled off, but are statistically in a bad way.
11:25AM PST: Higher Highs & Lows, but the declining Five-Day MA is proving resistance above. Volume is non-existant.
Thank you to Traderfeed and Quantifiable Edges for linking to this blog over the weekend -- it's an honor.
Posted at 11:15 AM