Thursday, October 1, 2009

10.01.09 - Down-Trend Day

Internals are highly negative and "smoothly" trending, suggesting follow through into the pm session.  However, I will grant that we are finding some support just here at the mid-day in the low to mid SPX 1,030s.  Next support levels look to be between 1,010 and 1,020.  This is the first day since I've posted the Intra-day Sentiment indicator that is has been pegged to zero -- very bearish indeed.  I also note that the intermediate MACD has been rolled over for several days now, and that 52 week new highs - lows has been moving down even in this easy-to-beat period.  Meanwhile, this does put us very near official oversold territory, so keep an eye on that tick for confirmation on any sign of a reversal.

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