Tuesday, August 11, 2009

08.11.09 - Back to Back Down?

Could it be? The SPY is below its 5 and 10-day moving averages, thought at this point the 20 still seems like asking a lot as a downside target ahead ($97.90). On the ETF Rewind real-time movers list, I see UMM (Major Metro Housing -12.5%) is the big loser with VXX (Short-Term VIX +4.0%) in the winner's circle. Cumulative Tick, Advance-Decline and Down Volume all look quite bleak, and traditional MACD has finally rolled over. Will it be kiss and go from here into FOMC day, or a multi-day correction?

[ADD:] Nice trend day identification metrics by Leo from the chat room [here]. He is an accomplished chartist/technical analyst -- highly recommended site.

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