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Tuesday, November 25, 2014

Daily update 11/15

Oh wow.  I believe it is the end of the world as we know it.  Can you believe SPX closed down two points.  Here is the chart.

This morning SPX tested Friday's high, but failed to find any buyers.  It then proceeded to test yesterday's low and found a few buyers.  There were 204 new highs and 25 new lows.  Both numbers were up from yesterday.  The oil stocks sold off significantly today causing the new lows to pick up.  I think that tax loss selling in those stocks may have started.  Whether that bleeds into the rest of the market remains to be seen.  Lets see what IWM is doing.

IWM is still thinking about whether to make a short term double top here or not.  This chart looks like it could tip over pretty easy.  I think a lot of people are watching this one.  Will it break out to the upside or fold?

There is an OPEC meeting on the 27th which just happens to be on Thanksgiving.  Oil was treading water for several days on hopes there would be production cuts announced.  There was an announcement today that there was no agreement to make any cuts which sent the oil price spiraling down again.  If they don't cut it would appear that oil is likely to go lower.  Which would probably send oil stocks lower as well.  Even though Friday is a part day there could be some activity based on the OPEC announcement.


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