- in the resistance zone on declining volume..bearish
SPY 30"
- might this be a 2x top forming? possible
- support and resistance is well defined
IWM
- u can see here just how similar and actually even more bearish the chart is in IWM
XLF
- still has room to move up...
- will this ETF need to hit resistance for it to start falling?
RKH
- in the resistance zone...
- bullish to have broken above slight resistance
USO
- didn't get he continuation move to truly breakout..
- if it resumes the down channel, it is almost certain that the indexes will decline as well...
VIX
- suggests that we have more upside possibilities...
- don't see much support until way lower..
CPC
- haven't looked at this in a while
- but judging from the numbers, its possible to have quite a slide
A/D
- overall a neutral day...not enough divergence to have any signals here
Analysis: Despite SPX closing slightly higher, indexes are still in their resistance zone..seeing how today is a doji on resistance, i am more bearish than yesterday...the declining volume is also very bearish...it is possible to move up maybe one more day but the charts are telling me that the decline might start tomorrow. i am positioned accordingly with a small position...and i believe this next leg down can make new lows...
ETFs:
best - xhb, xme, xlf, rkh, xlb
worst - uso, ung, uga, smh, slv, eem
- bullish to see financials on top yet again...but pretty bad how all energy commodities are showing bearish divergence...
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