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Tuesday, June 26, 2012

Daily update 6/26

It felt like a very tepid bounce today without a lot of conviction.  Here is the daily SPX chart.

We closed just underneath the 18 SMA.  The futures struggled all afternoon with yesterday's intraday high.
It eclipsed it by a couple of points, but never took off.  In the end, it closed heading lower.  We did not a confirm the break of the 18 nor did we retake the average.  Here is a look at the 130 min. SPX chart.

We are still in the congestion area starting around 5/21.  We tested the 100 SMA from the bottom, a line we bounced off of two days ago.  The last bar is a gravestone doji which is somewhat bearish for tomorrow morning.  I think tomorrow is an important day with the daily chart flirting with the 18 SMA.  The bulls need to recapture that MA to get moving to the upside.  A failure to do so will likely embolden the bears.


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