SPY's Daily Support and Resistance Levels

Support	Level	Resistance	Level
S1	131.1	R1	131.43
S2	130.90	R2	132.50
S3	130.60	R3	134.56
S4	129.79	R4
S5	129.03	R5
S6	128.24	R6
S7	127.11	R7
S8	125.72	R8
S9	122.69	R9
S10	120.14	R10
S10	119.47	R10

Pre-Market:  Futures are down slightly this morning and SPY is trading in the low 131.00's.  The dollar has been gaining strength throughout the morning and the EUR/USD pair has been getting weaker.  Keep an eye on the TNX year as well from out post early TNX has hit resistance at 21.00 and if it moves lower could bring the market back down. Don't forget its a FED DAY!

Support:  Key support to watch today is first 131.11 this has stopped most of the moves lower in the pre-market and is a short-term support level since Friday.  Other notable levels are 130.90 which is the uptrend line support level from December.  This trendline stopped the market from declining yesterday and may do so today.  If this level does not hold selling should pick up, with the next support being near 130.00-129.79.

Resistance:  Key resistance is 131.46 the market has been able to get above this but never close above it.  A strong move above it and it would trigger some more short covering.  If SPY deos get below 131.11 this will act as resistance as well.  SPY does not have to many strong resistance levels above it right now but rather a large resistance zone from the drop in the summer- so this area may prove to be to much for the market especially if it is stalling at these levels. 

Overall:  ITS A FED DAY!!! So anything can happen and the market will likely chop around till the Fed speaks.  After that the levels come into play anything above 131.43 is bullish and anything below 130.60 is bearish. 

TNX Ten Year 2.10% and Market Tops

Ten Year:  Since October the 10 year has remained in a tight range and now it is testing the top of this range at 21.00 or a 2.10% yield.   TNX test the top of this range on Monday and has since backed off of it.  Since October there has been a pattern in the market with TNX as it hits 21.00 .   Each time TNX gets to this level it foreshadowed the next "dip" in the market.  It occurred in November and December and also back in  September.  

Overall: Watch 21.00 on the then year, if it breaks above it the market will rally but as of right now based on some of the stalling action going on and the pattern that has formed with TNX a dip lower is more likely. 

Stalling SPY

SPY Stalling:  Tuesday SPY opened up the morning down and moved right to its uptrend line at 130.60 and bounced higher for the rest of the day closing right above resistance at 131.43.  Since Friday SPY has stayed right near this level of 131.43.  As of now the market appears to be stalling at level as the bull cannot muster enough buying at these extended levels.

This stalling at resistance comes as other indicators or influences in the market are at key levels of support and resistance and these movements will put pressure on the market. 

U.S Dollar: The dollar after declining from its long-term resistance at 81.52 has bounced back off of its support of 79.90. This is a likely bouncing point for the dollar here and it will put pressure on the market.  This morning the dollar is up and bouncing off this level. 

   

No Fear:  No this isn't a t-shirt slogan this comes from the VIX being so low these days indicating large amounts of complacency.  VIX is chopping around long-term support, it has strong support at 17.84 so far VIX has dropped to 18.16. It is also nearing the bottom of its downward channel and is due for a little pop which would come with a market decline. 

Overall:  Market is looking topping here as it has rallied 9% from its December lows and 23% from its October lows so a resting period/selling is needed. If the market declines here the most logical place for a decline to stop is 128.24- the level prior to the most recent breakout. 

VIX and the Market Rallies Updated

Back on December 27th, I wrote this post looking at the interesting pattern in the VIX and the market.  In this post I  looked at the above chart and noticed the pattern in the VIX and the Market and I wrote:

Summary: What does this all mean, well for starters if this pattern continues the market has another bull leg in it for what could last 3 months or more. Based on the number of days the VIX has decline it is enough days to confirm a market bottom.   What will need to confirm it is a continuing decline of the VIX and a strong rally by the market- watch the 70 day moving average if it maintains a decline this pattern is confirmed.  

Updates: Changing the chart a little bit to reflect the October bottom, (the original post had the bottom in December) the market has now rallied for over 122 days from its bottom.  This time around the drop from the VIX peak to the bottom of the VIX is shorter since VIX has only peaked in the high 40's so the number of days for the rally can be shorter. 

Foreshadowing Tops:  Others have now begun to catch on this pattern, Zero Hedge just posted a similar article.   People are beginning to notice that the VIX and the market are nearing that topping portion on this pattern that we had mentioned. 

Marking Tops:  This pattern also is good at marking the markets tops. Whenever the VIX gets back down to 16 this typical was the end of the bull run.  With the VIX at 22 now it doesn't have to far to go.

Fakeout Tops: Typically once the VIX gets back to the low 17-16's the market will stop rallying and do another "fake" spike, where the market will drop and the VIX will spike, but the pattern will fall out.  The market then rallies a little more before the real VIX spike comes.  We saw this in January of 2011 and Febuary of 2011.  This also has occured half-way or a third of the way through the rally.  In 2010 it was a third of the through the 287 days and in 2011 it was about half way through the 323 days, so with the market having rallied for 122 days it is right about in the timeframe for this fake out. 

Forecasting:I believe this is what we will see next.  The market is very bullish and complacent with the current movement.  So if we do get a drop lower it could shake out some weak bulls and get the axious bears back into shorting.  Only to have them have to cover their shorts again as the market rallies.  Finally after that, the VIX will get back to the low 16's and tank, everyone will be bullish and that is that. 

Overall:  The market is pretty much overbought here, very bullish and has been trading on almost no volume.  This makes it ripe for a pullback but not ripe for some bearish selling.  Internals need to turn that way first.  This agrees with the VIX and Market pattern that has formed over the last 3 years. 

SPY Breaks out with some Red Flags

SPY broke out of its triangle today breaking the downtrend from the summer.  The market was lead by financials as GS, BAC and MS were strong today.  SPY declined in the beginning of the day but was able to hold its support level of 129.03, making a low of 129.08.  Eventually SPY broke through the 130.06 Resistance level and never looked back.  Breaking above 130.00 is a key psychological level for the market if anything. 

This is bullish for the overall market and shows continued strengthened by the bulls, but there are lots of caveats to this recent breakout that should be taken as the market moves forward towards greater resistance levels. 

1. Junk lead it: just going through charts tonight there are stocks that broke out that you've almost never heard of.   Below is a screenshot of Finviz.com top gainers (filtering stocks below $10 and volume above 500,000).  Do you recognize any of the names?  The market should be lead by leaders not junky stocks.

2. Low Volume:   Looking at the NYTV you can see it is not even close to its average.  So this breakout wasn't supported by volume a breakout should accompanied by volume.  This shows that there is momentum behind  the movement.  

3. Getting too Bullish:  the Put/Call ratio has once again headed to the bullish lopsided level.

Overall: This breakout is bullish and the trend is still up.  SPY is now nearing its highs from the summer right before the Europe crisis started.  As SPY continues to climb it is nearing our topping level as I see wrote on January 2nd: 

Overall I believe 2012 will be a bearish year, but this won't start till late February early March.  With the top coming in at SPY 132.66 and bottoming at  95.65 eventually finishing at 105.

There is no reason to get all bearish yet, we have still have the Tungesten Cross and VIX has not hit 16 yet also we are not overbought either. 

SPY Review

Support	Level	Resistance	Level
S1	129.12	R1	129.65
S2	128.54	R2	129.90
S3	127.77	R3	130.06
S4	126.43	R4	131.33
S5	125.56	R5	134.92
S6	124.91	R6	137.50
S7	123.46	R7	143.34
S8	121.57	R8	154.51
S9	120.14	R9
S10	119.47	R10
S10	117.64	R10

Support and Resistance Review: Friday SPY and the market sold off after S&P downgraded France and continued the horrible Euro mess.  The selling came right as SPY hit resistance at 129.05 and around its long-term downtrend.  SPY did managed to take back its early morning loses.  Eventually SPY bounced off support at 127.77 and was able to get back above 128.54. 

Short-Term Techincal Damage:  SPY broke the short-trend line that started in late December.  There isn't an established short-term downtrend so the market is now neutral at this point.  Stretching out the timeframe the intermediate term trend is up and the long-term trend is down.

Threats to the Bulls: The dollar and Eur/USD will continue to control this market, both were open on Monday and the Euro continued its decline-making a new low for the year.  DX has broken above the key 81.52 level for the 3 time, the more it breaks this level the strong it gets. 

Threats to the Bears: The market has been selling off at the downtrend and the high 129's but also has remained above support.  If the bulls can take out 129.70-130.  It would start a big rally. 

Overall:  The market is overbought at this level and short-term neutral to slightly bearish.  The problems in Europe has pushed the dollar higher which has prevented the market from going higher.  With the Eur/USD making new lows it is hard to see a bounce in this pair yet.  Still sticking to the theory mentioned on Thursday that the market is heading lower back down to the 126-125 level. 

ACI and PCX

Here are two stocks in the Coal sector that have very similar patterns- descending triangle patterns that are  have either just broken below support or are near it.  But they have more in common looking at the longer-term charts.  In addition these two stocks are both down around 65% since January 2011 so they are mostly oversold. 

PCX:  PCX has gone from the high 27's to the high 7's in over a year a decline of more then 65%.  Short-term This stock broke below its support of 8.01 and was down over 12% on heavy heavy volume on Friday.  PCX broke below 8.01 which was the low of since November.  The next support level is at 6.92.  PCX still has the potential to move another .95 lower.  But with such strong volume on Friday the selling might have stopped and looking at the longer-term weekly chart you can see that this 7-6 area has been long-term support. 

PCX: Weekly chart, this shows the long-term support this level.  A key support is at 6.92 PCX needs to stay above this.  As PCX heads near these lows buyers could recongize the support and bring in some buying pressure preventing a further decline. 

ACI:  This again is very similar to PCX, down over 65% and formed a descending triangle.  ACI has not broken below its triangle though. ACI has tested the November/October lows yet around 13.59 and remained there.  A break below sends ACI to the October lows of 13.08.  Past that level like PCX, ACI starts to hit long-term support.

ACI Weekly:  The 12.15 level is the 2009 lows and it are lows from 2004.  This level may be very hard to break and would be a logical bouncing point for ACI. 

Overall: These stocks have also been crushed 65% over the last year so they are very oversold. Short-term stocks appear slightly weak  but are nearing some very long-term support and could be good pick ups at those levels.  PCX has short float of 17% and ACI has a 5% not the best short interest but PCX is high.  A stock down 65% means the crowd is short/selling this trade is potential very over subscribed so the play just might be long on these stocks if they get to key levels. 

SPY's Daily Support and Resistance Levels

Support	Level	Resistance	Level
S1	129.12	R1	129.65
S2	128.54	R2	129.90
S3	127.77	R3	130.06
S4	126.43	R4	131.33
S5	125.56	R5	134.92
S6	124.91	R6	137.50
S7	123.46	R7	143.34
S8	121.57	R8	154.51
S9	120.14	R9
S10	119.47	R10
S10	117.64	R10

Pre-Market: Futures are down a little this morning some of this coming from JPM poor earnings and revenue numbers.  This could make the market a little skeptical since if the casino can't make money in the rigged game who can. This is the first big company to show weak Q4 earnings, if a few more start to show weaker earnings especially in banking the markets may have to reconsider that all Q4 earnings will be like Alcoa and others. 

The market is also off this morning because of the overbought condition in the market via the Piker Indicator.  In addition the resistance of R1 and the downtrend line have been to much.  Pre-market SPY is trading right around S1 of 129.12.  If the bears want any continuation of the selling this level has to be taken out intra-day.  The 129.12 is also the short-term uptrend before Christmas. 

Longer-Term Levels: The more important longer-term levels are 129.65 which has capped the market's latest movements and 128.24 which was the last breakout level and was held as support during a rest-test.  Till then the market remains in a tight range. 

Eli Lilly & Co (LLY)

Pattern:  Bear Flag  (bearish pattern)

Flag Pole: -2.60--- The flag pole started on Jan 4th after LLY said it would miss earning estimates.  This caused strong selling as LLY declined 6%. This flag pole measures 2.60

Flag:  The flag started on the 6th and since then LLY has trended upwards but remained in a tight flag pattern. Volume has also contracted during the flag formation. 

The Breakdown Target:  A break of the flag would send LLY -2.60 downwards to around 37.66.

Things to note  The 20 ema has capped any of the move upwards as LLY has not have been above to close above it.  The 50 ema acted as support for the first decline and if LLY does break the bear flag it would also need to break this support. 

SPY and QQQ End of the Day Review

Quick Run Down: The market closed up just barely after starting the day weak. The bulls regained control at SPY's support at 128.54 our key support was 128.44.  The market rallied till hitting the morning resistance at 129.51, our R1 level was 129.65.  The selling pressure is noticeable at this level and it comes from a combination of a horizontal resistance and the long-term downtrend(the pinkish line). 

Gap and Move: The theme of this market seems to be gap and consolidate for a few days and then gap again.  This what we are seeing now, after gaping up on Monday the market is chopping around not making any moves.  But this time the market might not gap up, instead it is more likely we will see a decline.

Heading Lower: The market is very overbought here based our the Piker Indicator.  Check here for that chart.  Second the market is sitting on its short-term uptrend(blue line) and the downtrend line (pinkish), one of these will break sending the market in that direction.  But the longer-term trend has to take priority over the short-term trend- so a move lower would come from the failure to get above this trend as the selling pushes it lower. 

Where too?:Realistic SPY is looking to head back down toward the 126-125 level testing the breakout level from the beginning of the year the the intermediate term uptrend.   

Look at the Q's: The QQQ ETF is in a similar situation as SPY, it is nearing its downtrend and long-term heavy resistance.  QQQ has a lot more resistance above from 58.60-59.30.  Since early 2011 QQQ could not get above this level, as it nears it again it appears it might not have enough this time.  The most likely move would be for QQQ to fill the gap at 56.42.

NYT a Breakout / PFCB a lameout

PFCB and NYT have been two stocks that were mentioned on here.  Both had similar ascending triangle patterns and both set ups showed signs of potential breakouts.   Both stocks have "Broken out" but only one so far has truly "Brokeout" under the definition of a technical breakout. Let's start with the good breakout!

 

NYT finally broke out of its ascending triangle today, here was the original post showing the potential breakout.  NYT advances were being stopped at 7.77 and the price action formed an ascending triangle which is a bullish pattern.  NYT broke above X which had been resistance for the last 3 weeks and broke the top of its triangle.  This is a strong breakout in price but what makes it even stronger is the breakout comes with strong volume.  NYT should advance upwards now especially if it takes out 8.01. 

Now lets look at PFCB it had a similar ascending triangle just like NYT. Here was the orginal post on PFCB.  Resistance  was at 31.80 this needed to break to get the breakout going.  On the 10th PFCB finally "broke out" closing above resistance.  But since then the stock has failed to follow through like we have seen in NYT.   It is not a failed trade, there is still support the first breakout level but reassessing this chart one can see the true breakout level is 32.77 which was the high in November and December.  Also notice that there was no volume associate with any of the breakout levels.

What the take away here is no breakout is the same even if they have the same pattern.  Second you want to see volume on your breakout- volume confirms a breakout.  Lastly if your trade is not going according to plan, reevaluate it and change your plan.  For instance with PFCB the key level to watch now is 31.80 PFCB must stay above here for the "breakout" to continue. 

General Mills GIS

GIS is an interesting stock to watch as it has the potential to break out to all time highs.  GIS has been trending upwards for a while now and has failed to get above 40.75 during the last few weeks.  This level represents an all time high so one expects resistance at this level.  The question becomes can GIS break out of this resistance level because if it does there is lots of air above it- as its an all time will no resistance above it.  Currently there is support at 40 and it has been range bound the last two weeks. 

GIS hit 40.75 last week and retraced back down to 40 and now looks to be setting up for another run at the highs.  The more a resistance level is hit the weaker it becomes. If GIS can get back up tot this level it might have a chance to break out.

GIS WEEKLY CHART

SPY's Daily Support and Resistance Levels

Support	Level	Resistance	Level
S1	128.95	R1	129.65
S2	128.44	R2	129.90
S3	127.77	R3	130.06
S4	126.43	R4	131.33
S5	125.56	R5	134.92
S6	124.91	R6	137.50
S7	123.46	R7	143.34
S8	121.57	R8	154.51
S9	120.14	R9
S10	119.47	R10
S10	117.64	R10

This morning futures are up and SPY is testing to the top of downtrend line.  Resistance is coming from 129.65 and above trendline resistance is at 130.04.  Of course 130.00 or SPX 1300 is a big psychological barrier for the market to break. The 130.00 level already has been test in the pre-market and since the SPY has moved lower back below 130.00.  

SPY's Daily Support and Resistance Levels

Support	Level	Resistance	Level
S1	128.95	R1	129.65
S2	128.44	R2	129.90
S3	127.77	R3	131.63
S4	126.43	R4	133.12
S5	125.56	R5	134.92
S6	124.91	R6	137.50
S7	123.46	R7	143.34
S8	121.57	R8	154.51
S9	120.14	R9
S10	119.47	R10
S10	117.64	R10

1/10/12 Price Action:  Yesterday once again the market looked like it was off to the races but instead it failed to deliver.  While the price action wasn't as bad as the last failed breakouts like Jan 3rd it still wasn't great.  SPY saw selling pressure as it neared it highs at 129.65, this pressure comes from resistance as well as the selling via the downtrend line from May.  SPY did stay above the key 129.03 level which is now support for this market a more accurate support level is 128.95. 

1/11/12 Morning Price Action: This morning futures are down slightly with SPY trading below 128.95 a new support level and the swing low from yesterday.  The market is overbought here based on our Piker Indicator and has a breakout gap at 128.24 that needs to be filled.  The last time SPY broke out it trended lower over the next too days to fill its gap before bouncing higher.  This could be what is going on now. Further more resistance will come from the long-term downtrend that started in May this is the last stand for the bears if they want the market to keep moving lower.  

Other Things of Interest: The dollar or DX again is near its 81.53 resistance level another break and that expect weakness in the market.  The EUR/USD again is nearing the 1.270 level as well which is support and a psychological round #. 

Below is a chart of SPX PUT VOLUME (DTN:@VP2T) via Marketclub, it has been hitting 52 week highs over the last two days.  The last time it did this was November 8th, 9th and 10th.  Right before the market moved lower.  Plus the PUT VOLUME has been low the past few weeks and now it has picked up.  This is just something to watch, you can check out all MarketClub has to offer  Here. 

Looking at the Put/Call Ratio we can see that things are tilted to the bullish side as well, meaning lots of bets placed on more of a bullish outcome.  Of course there is the ole adage that when one side gets to crowded it goes the other way. There is still room lower but a .57 on  the $CPCE is skewed to the bullish side. 

Overall:  These are potential short-term indicators of some bearishness, we still have a longer-term bull signal coming from the Tungsten Cross

Overbought Again

The latest gap up has bought the market into another overbought condition with the PI showing a 68 which is above the oversold threshold.  The market has remained in a near overbought condition for a few days now so some selling pressure might start to come into the market.  This overbought with combined with technical analysis makes a good case for the bearish side. short-term.  Come back for more on this. 

SPY's Daily Support and Resistance Levels

Support	Level	Resistance	Level
S1	128.44	R1	129.03
S2	127.77	R2	129.48
S3	126.43	R3	131.63
S4	125.56	R4	133.12
S5	124.91	R5	134.92
S6	123.46	R6	137.50
S7	121.57	R7	143.34
S8	120.14	R8	154.51
S9	119.47	R9
S10	117.64	R10

Futures are up about a percent after Alcoa beat earnings yesterday and if people are demanding Aluminum then the economy must be great right.  Forget earnings and lets focus on the technical price movement this news has caused.  A gap up in SPY has allowed it to break the 128.34 resistance level that capped the market the last couple of days.  This breakout level should act as new support going forward.

Levels to Watch: The next real resistance test for the market is 129.48, which is near the swing high in October and broken support which caused the market to tank in the summer.  This level will be interesting to watch. For this breakout to hold SPY will need to stay above 129.03 intraday. Longer-term support of 128.24 needs to hold as a bounce level if the market does retest it. 

Bullish Factors: This breakout could finally be the start of the breakout from the triangle that occurred last week which would lead to more bullish price action.  On top of that we have the Tungsten cross that happened yesterday which again is seen bullish as well.  

Failed Bounces, Oil, Earnings and Europe:  Before one gets to excited remember almost all the the breakouts that have occurred have been faded and failed to materialize any bounce- the last being Jan 3rd.  Oil is still ripping up and a move above $103 could be a body blow to any "Recovery" or bullishness in the economy.  Don't forget about Europe and bank earnings as well.  If the market is anticipating earnings to be good this Q then any bad ones especially from some of the bigger companies and banks could put some more pressure on the market. And of course any given Sunday a European country could go under.

Overall:  The market is up and the edge is to the bulls but if they cannot capitalize on this latest breakout one has to be skeptical of holding longs- till then the trend is your friend. 

Tungsten Cross

If you read this site you have heard of the "Murder Cross" when the 70 ema crosses below the 230 a better play off the "Death Cross" which is the 50 day crossing below the 200 ema.  This cross also works the other way when then 70 crosses above the 230 a better play off the "Golden Cross" this cross shall be called the "Tungsten Cross".  Yesterday the the Tungsten Cross occurred giving the market a strong bullish case. 

Below are charts showing over the last twenty years of the bullishness of this cross.  The lines represent buying the "Tungsten Cross" and selling "the murder cross".  Below is a table showing those trades. 

 2009-2011 Tungsten Cross:

2003-2008

1995-2001

 

Based on these charts we can see that there is a strong chance for more upside if the cross stays.  It just barely crossed on Monday and the 70 is above the 230 by .03 but if the trend stays upwards it won't be crossing back down soon. This confirms that the market can be bullish for the next few months.  This cross also gives more credence to the VIX decline/Bullish market  which is another bullish trend.

NY TIMES NYT

"All the news in a triangle".  NYT is an interesting stock to watch, of course to some  its hould be dead you know since print media is done blah blah blah.  But lets forget all that and look at this nice chart that has formed on NYT.  What has formed is a nice ascending triangle with defined resistance and support. In fact there are two triangles in there

NYT Ascending Triangle:

Top of the Triangle 1:  7.84- this level has been resistance for the last two weeks.  NYT has not been able to get above it nor has it been able to get above its 200 ema at 7.78.

Top of Triangle 2:  8.01- this have been swing highs since late October.

Bottom of Triangle 1: Uptrend from Decmeber the lastest down moved bounced off this trend.

Bottom of Triangle 2:  Uptrend from October

Price Target 1:  .72 size triangle= Measured move to 8.56

Price Target 2: 1.43 size triangle = Measured move to 9.44

Moving Averages are Key: A nice thing about this set up is the resistance is at a key moving average.  There are stops at this level and at 7.84 so a close higher then this level would trigger these stops and also get some interest from buyers. Another moving average to watch is the 20 day ema which has support NYT that last 4 days. 

Meeting the Apex: Added to that that NYT is right at its apex at the first triangle so a break of this pattern is likely in the next two days.  If the first triangle fails the second triangle can be a play as well but it would mean NYT would drop back down to the mid 7's. 

Overall:  NYT is looking bullish and a break above 7.84 would confirm this. 

SPY's Daily Support and Resistance Levels

SPY KEY LEVELS FOR January 9th:

Support	Levels	Resistance	Levels
S1	127.77	R1	128.24
S2	126.43	R2	129.83
S3	125.56	R3	131.63
S4	124.91	R4	133.12
S5	123.46	R5	134.92
S6	121.57	R6
S7	120.14	R7
S8	119.47	R8
S9	117.64	R9
S10	116.20
S11	111.93

This morning SPY is trading up higher just a bit staying between 128.24 and 127.76.  If one of these levels break it should give a better direction on where the market will go today.  The more important level for a longer-term play is the 128.24 level if that breaks the bulls will have regain control.  Whereas the bears still need to take out 126.43 to take over this market. 

The dollar has firmed up after dropping to a low of about 81.31 in the pre-market.  This was the top of its range it broke out of confirming the breakout is now support.  It remains below the 81.51 key resistance level it broke on Friday but it is very close to breaking it.  The Eur/Usd has weakened as the dollar has firmed up. 

Looks like it could be a choppy day especially with very little economic news and earnings out. 

Skechers (SKX)

Skechers has not been a healthy looking stock for pretty much all of 2011 and now in 2012 it doesn't like much better.  SKX broke support at 11.79 on Friday making a 52 week low.  This break was the bottom of a descending triangle pattern that formed over the last two months, this pattern is typical bearish for a stock.  Looking at this chart its clear there is a lot of air between 11.79 and the next support level.

Descending Triangle:  The descending triangle started in November as the downtrend in this stock picked up.  The based was formed in late November as it bounced off its lows to test the downtrend.  It failed and it moved back to the November lows in the middle of December again testing the downtrend only to be rejected.  The bottom on this triangle was crucial support as there is little support left at this level. The next nearest support is around the low 9's the same level as the measured move of the descending triangle.

SKX Descending Triangle:

Triangle Size: 14.66 to 11.79= 2.87 measured move
Triangle Breakout Down:  11.79
Triangle Target: 11.79-2.87 = 8.92
Triangle Voided: Above 11.93

The measured move send SKX right to its 2009 breakout level and to the next viable support level.  The breaking of the 11.79 level leaves little support till these lows as well. 

It appears Skechers may be in for some more downside as long as it stays below 11.79, it could be people realized how dumb the walking exercise shoes are!