Thursday, February 19, 2009

2/18 - Market Analysis (stage 1)

SPX - still under support

SPY - sideday staying below resistance


DJIA - holding support with doji




RKH - holds below support


XLF - even day below support


UUP - very bullish


A/D - more bearish than the index prices suggested


ETFs


Analysis: had a sideways day today....after a huge surprise fall yesterday, it just seems normal to have these kinds of days...we can say its some profit taking and some investors unwilling to bet big after such a huge day prior...i took a break...think others thought the same way...but looking at the charts, the main theme is that we are under support and should fall further...only thing is that DJIA (and kind of XLF) are holding support and today's doji gives more reason that it might be able to hold going forward...i'm conflicted with how much importance i should place on it as SPX should be more important than DJIA.

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