It took a couple of days for the market to get itself from under the load of AAPL’s dump. At that time, Fed was purchasing bonds every other day or so. This time, Fed will start buying bonds on November 12. So, let’s see what market deals with CSCO’s aftermarket shock.
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This is a daily chart of S&P
Like clockwork, 13 EMA provided support. This dance between the mid-line and 13 EMA has become quite routine. Perfect trade for the day! You can be sure that many, many millions see it. Well, maybe not many do the channels and line studies like I do, but they eventually draw a line through all the tops of a move and get the same line as I do.
As longs as index stays above 1200, it’s either consolidating or advancing. Below that, there is not much support till the 1175 area.
This is a daily chart of NDX
We had a trend line break and a retest today. 2150 is first support. After CSCO’s blah-blah, NDX futures dropped close to what would be 2150 cash. We’ll see how it shapes up overnight and into open tomorrow. Below 2150, there isn’t a lot of really solid support until the 2060 area. There is 2100 that one may consider as some sort of support.
S&P’s daily breadth was good. Daily volume was about average.
McClellan turned up a bit
This is a 60-min chart of S&P
S&P recovered nicely from the early weakness. A move below 1210 may indicate more to come for the correction/decline.
OEW pivot support is at 1187 and 1176. Pivot resistance at 1222 and 1240.
Long term trend is up. Mid-term trend is up. Short term is down.
Have a Nice Evening!
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