No volume!
Main players seem to have checked out for their holidays. Technical trading, however, was alive and well. Look at this 15 minute chart of S&P. Same 880 level that I highlighted yesterday offered a low risk short again.
Index is perilously close to the 850 level and a breach may attract more sellers. Daily chart shows early signs of downward acceleration.
This count is still alive, but it is on rather shaky ground.
Breadth was tilted negative. Volume or no volume, it is not prudent to fight the charts, especially on the down side in a bear market. Index is not oversold, and is not showing any kind of divergences that usually lead to price reversal. That may come tomorrow. Just watch price action around key levels.
PS. This holiday season, we will have family at our place. In case I cannot do a post for the remainder of the week,
Merry Christmas, and Happy Holidays!
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2 comments:
Hi..Piazzi,
Here is Wishing you and all your family members a "Merry Christmas".
And my sincere appreciation for your sharing of your works and ideas.
Thank You llango, same to you
let us wish for many good trades lining up in 2009
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