The more I look at the SP500 Index (SPX) the more I am worried. This index is not bullish in any time frame. Price has broken down below the low of the of March to May range. Price is well below a 50% retrace in the Oct05 to Oct07 range.
Yesterday price moved back up to hit the 100% price retrace at 100% time. But this type of chart is not bullish or even neutral.
The Nasdaq 100 (NDX) is in much better shape. If it holds up after the market makes AAPL sauce tomorrow I will be surprised. But at this point it is in a position of strength and is nicely working off the bullish move.
Charts courtesy of Stockcharts.com
Tags: Nasdaq Charts · Square Out · Standard and Poor's 500 (S&P500)No Comments
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