11/18 - Market Analysis

SPX
- still at support...can u believe this stupid sidetrading?
- tail is bullish
- didn't close at its highs


IWM
- COMPQ is still below support...IWM barely above support
- unable to close at its highs


USO
- no strength whatsoever...
- can't get long until this one stop looking so pathetic


VIX
- 70 level holds as resistance yet again...
- intraday i was very sure it would breakout but finished well below it
- 70 is key going forward...for now, VIX is neutral



A/D
- here u can see that today ain't very bullish
- strong divergence shown here by the numbers vs the performance in the dow...
- bearish signal


Analysis: Damn this market is frustrating...its been in this very important support level for almost a week now and still we have no idea where it will go next....its so frustrating for a swingtrader like me...risk/reward at this moment is horrible as the market can move big in either direction...as for now though, the market is still in a downtrend so unless we get some real strength in the indexes, i am favoring a breakdown...today was able to close above support for SPX but COMPQ is still below support and XLF and USO still can't find any support that will hold...i usually love bullish reversal candles on support with big tails but today's candle just didn't have the strength for me to turn bullish...i need more...too many mixed signals...many of which do point to further weakness