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Tuesday, August 27, 2013

Daily update 8/27

Down it was.  That was a very abbreviated bounce.  Here is the daily SPX chart.

SPX closed below the last swing low.  Price appears to have been rejected at the 50 SMA.  It looks like a test of the June low is likely.  There was a pretty good pick up in volume.  The TRIN closed pretty high which will often cause a bounce the next morning.  I would expect the recent swing low of 1639 to be resistance now if we do get a bounce.  SPX would need to get back above the 50 SMA and demonstrate that it can stay there to get bullish again. There is still a chance we are making low and the market just needed one more push down.  We are in the vicinity of the 100 SMA again.  I don't see anything at the moment to make me think that is the case.  We will just have to see if the bulls mount a serious charge or not.  It seems more likely to me that we are headed for the 200 SMA.


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