- still bullish as long as support holds
SPY 30"
- holding territory for long positions
- clearly defined areas to short or add longs to this market
USO
- supports held...a break below and i will be so much more confident that we will breakdown in the indexes
VIX
- 70 still not reached...
- closed at a smaller level of resistance
- if resistance breaks, shorts will again rule
A/D
- very one-sided on terms of volume...nothing bullish at all here
Analysis: big selloff today to knock off most of the gains from yesterday...whats most important is that supports held on a daily basis...on the 30" chart, today's pullback would be very bullish but as it actually closed below the intraday support, the chances that the lows on the 30" chart will be tested and even possibily broken as early as tomorrow...my chart scans suggest more bullishness than bearishness as supports are in place...but i will be just as quick to go short if the major supports are broken tomorrow...
ETFs
best - gld, slv, xlu, dba, xhb
worst - iwm, qqqq, oih, uso, kol, xlf
total - 9 up, 23 down, - 2.67%
-very very bearish to see the worst performers being the most important ETFs...iwm and qqqq as the weakest definitely suggests that a breakdown is very possible...iwm actually erased the entire bullish candle of the day prior...
No comments:
Post a Comment