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Today is Friday and it is the last trading day of the week, so let's take a look at the markets and then discuss a couple more trade set up ideas.
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SPX - The drop continues as the SPX is seeking out the next DCL. The trend line is broken and the 10sma has been lost. I actually thought that the 25th could have been a dcl, with the trend line break and close below the 10sma, so now I am simply watching for a swing low first, and then a close above the 10sma. Either I drew the trend line wrong and the 25th was not a dcl, or this is a very L.T. daily cycle on day 15. The divergence that I was pointing out over a week ago is playing out, so our 'caution' was warranted.
ALSO ...
Read More I would say that we were seeing a normal correction in Oil on Tuesday, and we are heading into the Oil Inventory reports Wednesday, so nothing really changed there. So why did the Theme become "Winds Of Change?" It is because OIL stocks started to pick up in their selling, The Euro situation changed, Biotech broke down further, and a couple of other minor changes also became evident. I wanted to discuss these areas a bit more and the changes that I noticed...
SPX - Each sell off lately is still being scooped back up, but I'm still seeing the divergence that I pointed out a week or so ago as Price went higher. The RSI & MACD are still drifting lower. There is still room to drop on the stochastics, so this time price may want to also drop to the 50sma, or even continue sideways to that 50sma. Why? ...
The TRAN, RUT, BKX, etc., broke below their 50sma. Let's take a look.
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