We have been correct suspecting the market, especially after Friday's narrow tech rally.
That being said, so far, despite the scary drop, all both SPX and NDX have done is a hit and bounce off 13 EMA (remember I said area around 13 EMA was immediate support?)
That said, there is no place for complacency. My 1170 level was hit. Next level after that, 1165 was not hit.
S&P needs a move above 1180 short term to perhaps find a positive footing.
Longer term, all we have discussed about the daily and weekly charts is still valid to me.
Have a Nice Lunch!
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