Monday, August 23, 2010 3:14:09 AM
Re: $SPX - On the brink of support violation ...
As we are opening a new trading week, the following WEEKLY S&P500 chart is suggesting a very decisive trading session.
As of this writing (0210am on Monday 23 AUG 2010), this benchmark is sitting right at the lower border of its bullish channel.
Two weeks ago, we pointed out a BEARISH RSI per 14-RSI's failure to rally above its 45-EMA.
The next technical litmus test rests upon this critical step - whether SPX will break through its support and continue its tethered course within the BEARISH channel, or contradict its recent bearish course and remain within the confines of its bullish channel.
As always, time will tell.
- Dalcindo
$SPX - 3-Yr., WEEKLY Chart:
As we are opening a new trading week, the following WEEKLY S&P500 chart is suggesting a very decisive trading session.
As of this writing (0210am on Monday 23 AUG 2010), this benchmark is sitting right at the lower border of its bullish channel.
Two weeks ago, we pointed out a BEARISH RSI per 14-RSI's failure to rally above its 45-EMA.
The next technical litmus test rests upon this critical step - whether SPX will break through its support and continue its tethered course within the BEARISH channel, or contradict its recent bearish course and remain within the confines of its bullish channel.
As always, time will tell.
- Dalcindo
$SPX - 3-Yr., WEEKLY Chart:
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