Stocks Test Critical Support Levels
Above is a daily chart of the S&P 500 along with the 200 day moving average. The market is now sitting right on this important and most watched technical average.
As you can see, this decline is larger in price and time than the previous retracements which in my opinion is a sign that the uptrend which began in July of 2010 may be over. I wouldn't be surprised however to see a bounce here as the market is oversold and is at the 200 day moving average. The VIX also moved much higher today indicating some degree of panic or fear. I would like to see a bounce from these levels so that I can look to get short again.
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3 comments:
Love your stuff Kevin. Have been following for a while. Always to point, efficient and spot on.
Thanks...It's comments like yours that keeps me going...Thanks again!
Thanks kevin, you need to drawn those trends lines in. Doing that will help see where the big picture lies but you did a great job.
Your anaysis reminds me of the guy over at forecastfortomorrow.com/Trading-Club He called the market crash in 2008 and has a great resource there, and nailing these markets, well worth a look.
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