Still holding firm in this dumb trading range for years now. The real question is, where does this thing go if it breaks 1800? I don't see any juicy looking support until the 2007 highs around 1600.
Think IBB (biotech) will have to reverse tomorrow; but after-hours today it will be a little more in the hole thanks to ENDP tanking. Doji today, below last moving average support and MACD momentum hit negative territory. FFTY (based on IBD 50) never broke its downtrend, while others like IWM (small caps) did. Now FFTY is below its last moving average support (like many stocks -- AAPL, SBUX, GOOGL, etc) and MACD momentum has hit negative territory. I bring up FFTY because it had great correlation with IWM IWM though still has 50 sma support and positive MACD momentum. And ultimately if SPX stays above 2027 then the markets will be ready for takeoff (http://stockaholics.net/threads/general-futures-discussion.515/#post-5443)
$SPY The charts are bearish. Fell below its 50dma for the first time this week since the beginning of march. Don't have a bias trade trends
Global markets are turning downward. Was going to post yesterday but decided not to. HSI, SSEC, NIKK, DAX all broke support (SSEC was the able to hold above until today). Chart below is not updated, down 85 pts to just above 2900 clearly under the 50. The difference between the two boxed areas? The latest blue box did not bounce as high and the 200 is heading downward.
I'd say the US has been in a recession for at least six months now.... These figures have sucked so badly but I doubt economists will label us in a recession before the fall season.
I tough market would move higher on the low job number. why are we selling once again today? nothing make sense anymore in this market. I guess people looking for any excuses to sell everyday.
Kinross is leading gold higher - knocking on new high since 2013. Yen positive today. USD holding ground. materials leading as spy breaks down this AM below the 50 following suit with other indices. QID is at the 200, will it bust through?
Fib retrace on this last bull run is going to play out like it or not. Right now we seem to be holding support at the 23.6 level. If things hold we could get a slight bounce up next week. If we break below support at 2040 we should expect a drop to around 2000 to test the 38.2% retrace level and if the market is really that bad 50% to 1925 could be in the cards. I'm getting more bearish because in the last 10 days gold, REIT's, Utilities, 20 year bonds, and Consumer Staples are outperforming the S&P. Very defensive posture that does not bode well for the bulls. That said, I certainly do not see signs of recession and drastic bear market conditions but I do think the defensive positions show investors are worried about what is coming. Just my humble barely trained eye's view
I think if we close above 2055-2060 today then we should see a bounce next week otherwise we could continue south next week.
