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Tuesday, September 25, 2012

Daily update 9/25

Something a little different to start with.  I thought this was an interesting chart.

Source: Bespoke

Clearly this is the longest tranquil streak since the 2009 low.  Even in the low VIX periods in the middle 90s and 2000s a streak this long was rare.  The streak ended today for SPX, but not the DOW.  I wonder how long before it hits the DOW as well.

On to the daily SPX chart.

That was quite a turn around from this morning.  We closed a couple of points above potential support at the 18 SMA.  Lets look at the 130 minute SSO chart.

The ex dividend gaps in SPY mess up the charts for a while.  Last time I showed the intraday charts for SPX, but there is no volume.  I think it might be better to use SSO (2x SPY ETF), as the volume is usually similar.  I put in some potential support lines.  We stopped right near the first one.  The last bar was blue indicating price was below the lower Bollinger band and extended.  The 50 SMA could also lend some support.  If we continue down tomorrow the next support line is a logical target. 

We finally got a little motion going today.  There is potential support in the area where we closed.  Will the bulls show up to play or not? 


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