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« A Better Death Cross | Main | New Chart Pattern to Watch »
Wednesday
Jul142010

To the Beach

DateWednesday, July 14, 2010 at 8:22AM

Just two charts today the first shows SPX testing it down trendline.

And here is the daily, the channel is now broken and the market closed up above its 50 and 200 ema, but right against the trend line.  Right now its a crap shoot.  This whole thing really looks to similar to last July when the market ran up and up, after a failed H&S.  The bulls have the intermediate term trend and one has to respect that.  The bears would need to break 1070 to regain control, while the bulls would 1100 to break to really start another leg of buying.

This is the last post for the week as it is time to take a little break from the markets.  Check out PikerCharts for the updated charts. 

 

AuthorPikertrader | CommentPost a Comment | | |
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