SPX - H+S unconfirmed
SPY - bearish but way oversold
DJIA - textbook head and shoulders pattern unconfirmed
COMPQ - 2x top unconfirmed
RKH - side
USO - 2x top confirmed
UNG - bearish
VIX - still bearish
ETFs
Heat - all red
Analysis: from individual charts as well as these charts, my conclusion is that we are gonna breakdown...many stocks have already broken down, most notably energy and retail...last to fall should be tech but before then, financials and the indexes will probably breakdown...we can see the breakdown tomorrow in the indexes but as we are way oversold, unless tomorrow is a huge volume selloff based on news, i feel we are more likely to recover slightly tomorrow before a huge drop tuesday or wednesday...but for now, no green signal to sell short the indexes but definitely better to be holding puts than calls at this point on individual charts...
No comments:
Post a Comment