20-day MA @ 875 SPX
30-day MA @ 865 SPX
If the market stays at/around these levels, the lower trend line that Wood was concerned about will stay broken. In addition, the December trend line also broke. We have re-entered the 12/11-12/16 congestion zone.
The NASDAQ and SPX are the weakest, the DJIA is the ‘strongest’, and the RUT broke down from the 50-day MA. The decline started with oil, but moved to other materials/industrials, some financials, tech, and consumer services. Healthcare is doing the best.
WTA:
Your charts are great. Thanx for the intraday update.
I closed out my long hedge this morning, near the high of its range.
Covered my short, FINL, after banking another 6% on it.
I’m left with a really small position in DXO.
I will not being doing anymore trading unless I get some specific strategy trades issued.
The momo has definitely worn off this rally, and I would not want to be very long here.
The positive that I see right now is that RSI2 on the indexes is approaching oversold. I would be hesitant to get real short, either, considering the RSI2 level.
Ideally we get some sort of bounce, and then make a lower high. Should that happen, that will be where I look at some SDS and other diETFs.
thx, rag.
plus, holiday tape is uneventful and slow, sometimes very erratic.
this shit looks good