Intraday breadth is negative and that may act as an overhang on the index.
A move below 1140 may indicate a potential change in short term trend.
If you remember from last night's post, price seems trapped in tight box between 1130 and 1150.
On a 60-min chart it looks like some sort of a triangle, itdoes not really matter, how it resolves may be important.
The longer it stays there, the more frustrated trigger happy traders may become, and the more of their capital may get destroyed by the market.
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