AI
Saturday, February 27, 2010 5:05:50 PM
Re: SPX & Direxion Bulls ETF's- Second Attempt at 50% Fiby: BEARISH
This past week, SPX has not been able to retake some ground it had lost the week prior. That decline occurred at the all important 50% retracement level based on Fibonacci grid construction between the HIGH of OCT 2007 and Low of MAR 2009.
In fact, the highest retracement achieved a high this past JAN 2010, thus defining a significant overhead resistance line drawn in the chart below.
A lot of bearish development is resurfacing in the US and world-wide markets, all acting significantly on the definition of a new bearish channel described in both charts below:
SPX - 10-Year, MONTHLY Chart:
$SPX : Direxion ETFs Relative Strength - DAILY Chart:
- Dalcindo
This past week, SPX has not been able to retake some ground it had lost the week prior. That decline occurred at the all important 50% retracement level based on Fibonacci grid construction between the HIGH of OCT 2007 and Low of MAR 2009.
In fact, the highest retracement achieved a high this past JAN 2010, thus defining a significant overhead resistance line drawn in the chart below.
A lot of bearish development is resurfacing in the US and world-wide markets, all acting significantly on the definition of a new bearish channel described in both charts below:
SPX - 10-Year, MONTHLY Chart:
$SPX : Direxion ETFs Relative Strength - DAILY Chart:
- Dalcindo
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