Tuesday, July 7, 2009

07.07.09 - Vix Gaining, Market Falling

At the midday, the market looks to test and possibly break yesterday's lows. Cumulative tick, the Advance - Decline and Down Volume all continue to break down as the Vix picks up steam. Yesterday the S&P found support at the 200-day moving average (today about $88.50). I have lower expectations for support on continued tests. A measured move on this nearly confirmed head and shoulders pattern would take us down to about $82. We'll see.

Potential Support/Resistance

No comments: