We ended up with a new low close for the current pullback. SPX is still above its 18 SMA. The bulls are putting up a fight. That is good for bulls if they win, otherwise it is food for bears. Lets zoom in to the SSO 195 minute chart.
The dip buyers have formed a support line the last few days. It looks like that level was resistance briefly in the circled price area. I don't believe that is going to hold for long. Here is the TLT daily chart.
This chart is looking more and more like a bottom. If that is the case it would make it more likely stocks are starting a more serious move down rather then a short lived pullback. Investors have been dreaming of a world that does not exist. Reality may be taking hold here. Earnings can easily put a big damper on things.
Bob
No comments:
Post a Comment