No panic seen on Friday's drop, instead, lots of buying dips, so I suspect that the selling is not over yet. Intermediate-term 2 more bearish signals while short-term, could be a bounce at least Monday morning.
1.0.3 S&P 500 SPDRs (SPY 30 min), TICK had no single -1000 readings on Friday, this was different from the past where lots of -1000 TICK readings before rebound, so I think probably the selling is not over yet.
1.0.4 S&P 500 SPDRs (SPY 15 min), lots of positive divergence, so at least a bounce on Monday morning could be.
7.0.6 Weekly STO and the Market Top/Bottom, this is the first formal Intermediate-term sell signal.
1.2.6 INDU leads the Market, INDU is the first index to close bellow 50 day moving average. From the chart we can see that INDU tends to breakout before the other two major indices, so if this rule still applies now, expect that SPX and COMPQ will follow the INDU's lead to close bellow 50 day moving average soon.
2 Comments