If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

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.

Bob

No comments:

Important

The information in this blog is provided for educational purposes only and is not to be construed as investment advice.