Tuesday, July 14, 2009

7/13 - Market Says

Market Says that the bulls are about to get pounded...


SPX - neckline resistance


SPY - bullish


COMPQ - above resistance


RKH - trendline resistance


VIX - support needs to hold


ETFs - financial led rally


HEAT - mainly green


ISEE - numbers not as bullish as the indexes looked


Analysis: i was prepared for a bullish move to come today but didn't think it would be this strong...SPX and many other charts are still in line with the pullback to breakdown level before it falls strongly back down...but COMPQ is not showing that same kind of bearishness. VIX definitely needs to hold support for the bears...i keep thinking that the head and shoulder's pattern would not pan out as it just seems to clean and too many technicians (even analysts on cnbc and bloomberg) are looking at it therefore it as to look more messy before finally giving out support and confirming the reversal...thats still kind of the more likely scenario, but for the nearterm, it does look very possible to have a doji on bigger volume than today, then possibly more bearishness on even more volume the day after as it bounces back down from resistance

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