Thursday, February 19, 2009

2/19 - Market Analysis (stage 4a)

SPX - bearish


SPY - broke support at the end


SPX 20years - breaking 2x top neckline


INDU - bearish


DJIA 20 year - very important support here


COMPQ - on more important support

RKH - breaking down


USO - bounce but still bearish


UUP - bounced off support


VIX - bullish divergence for SPX


A/D - pretty bearish day


ETFs - weird part is XLE being a leader



Analysis: Things look more bearish going forward as now every chart as broken support except one (COMPQ)...most likely things will follow RKH or XLF...both broke support today to make new lows and that seems to be very likely...DJIA and SPX are flirting with breaking huge support on their monthly chart...trust that most technicians are keeping a close eye on these levels...nevertheless, its good to be net short...

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