Monday, November 05, 2012 10:55:22 AM
Pretzel view and charts:
"Last week the market gave several buy signals, but Friday's action aborted some of those signals. Hourly MACD on the S&P 500 (SPX) flipped to a sell signal, and several markets formed very bearish reversal candles.
The good news is my short-term target from Wednesday (of 1430-1432) was reached before the market reversed, capturing 20 SPX points of profit. The bad news is the intermediate-term outlook has been clouded by the strength of Friday's reversal, and bulls will need to reverse the market directly to maintain their hopes. Trade below 1403 SPX would suspend the potential intermediate turn I talked about in Friday's article."
"Last week the market gave several buy signals, but Friday's action aborted some of those signals. Hourly MACD on the S&P 500 (SPX) flipped to a sell signal, and several markets formed very bearish reversal candles.
The good news is my short-term target from Wednesday (of 1430-1432) was reached before the market reversed, capturing 20 SPX points of profit. The bad news is the intermediate-term outlook has been clouded by the strength of Friday's reversal, and bulls will need to reverse the market directly to maintain their hopes. Trade below 1403 SPX would suspend the potential intermediate turn I talked about in Friday's article."
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