Monday, December 15, 2008

12.15.08 - Negative Action

As we head towards the earlier morning lows (SPY $87), note the following:

o Cumulative Tick Slope Very Negative
o Rising Down Volume
o Low Absolute Advancers
o VWAP Negative
o 5-Day Moving Average Declining
o Recovery Attempt Rejected at VWAP
o Rising VIX (57+)

10:14AM PST (by Twitter) - Possible Supportive Volume Spike forming. Coinciding with QQQQ S1 (last week's relative leader among the majors). Still needs to prove out.

11:30AM PST - Indicators are listless with a downward drift... still having a hard time with VWAP. Volume is slight.

Support at SPY $86?

Maybe being hopeful, but should be clear into the new year with a Fed boost tomorrow? If it fails, intermediate channel support back through the Fall has been SPY $83.50.

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