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Friday, September 14, 2012

Daily update 9/14

There was a little follow through this morning then some profit taking set in.  Here is the daily SPX chart.

Today had bigger volume then yesterday and the highest volume of the entire rally.  This chart looks a lot like a volume climax now.  This could end up being a short term top.  The weekly chart closed with a blue bar indicating price was above the upper Bollinger band.  If you check out the market status page you will see all 10 weekly charts finally got green.  However, seven of them now have blue bars.  This is an extremely over bought market and new longs are high risk here. 

Here is the daily VIX chart.

The VIX has a higher low and this still looks like a potential bottoming pattern.  I think this is worth watching.  Notice it was up today with the market. 

With the market this extended, buying dips for day trades may be low reward.  We still need to see if there will be any meaningful sell the news pullback. 

Chart practice has been updated.  Today's stocks is FAST.

The market and sector status pages have also been updated.


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