Market spoke and short trade was the trade to take around 1090.
The tip offs were
1. The inability of the bulls to do anything on the tape above 1090.
2. The poor breadth that stayed like an overhang on the market all day
I mentioned both twice in intraday posts.
The breadth turned into another heavy sell into the close.
Remember how bears would fail miserably at every important juncture since March 2009 low? Today, the bulls' action looked and felt as ineffective.
They now run the chance of having the longer daily MAs rolling over on them as well.
Index sold to 1070 support as per weekly and daily chart I have already discussed.
Have a Nice day!
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago