The SPX swing chart remains above the October 10th low which ended an 11 day drop. After a two day counter trend the low was tested with a two day drop. A three day move up and then a four day drop completes the current action. Price remaining above the low for 11 days is somewhat bullish. But a true bullish move would be above the initial high beyond the 11th day. This sets price up to make another try if the low on the 10th is broken. The advance-decline metrics remains oversold which is a positive.
The NDX swing chart has broken the October 10th low, but the swings look similar to the SPX chart.
Interesting that today was down but the number of new lows decreased.
Chart courtesy of Stockcharts.com
Tags: Advance-Decline · Nasdaq Charts · Standard and Poor's 500 (SP500) · Swing Charts4 Comments
4 responses so far ↓
Trader’s Andy has been hinting for a day like this, and I think its here. Yes Andy, I am caught on the barbwire and just can’t seem to find a side…up or down…. which side of the fence. Its the New Moon, thats what it is, the Feds had nothing to do with this even if they played with the treasury papers yesterday…..LOL! Good luck today everyone….should be easy to make a few thousand fast….
I woke up to 600+ move, but volume is low, but I set a rediculous buy in for GS before I went to sleep, and to say the least, I am very happy! GS has broken the Channel lines all looks good in Rally land so far. Check out V and MA there on a role too. 800+ ouch, think I will take my profits……good luck all….have a good night , I-O I-O so off to work I go. Nighty Night All!
Oh before I go, its Bull time Andy! we broke several of my $Indu bull signals, so its time, sure wish I had moved in yesterday, but still thought we had to finish that pattern out….but thats the bull and bear of it all isn’t it….I hope you have a good updated chart for me by morning…:) Thanks Andy, have a good night everyone….Don’t worry there will be a chance to get in at a good price, guys, this thing will correct itself, too many bears out there still, listen to Mackie tonight, he’s selling into this…Ok I am gone for good…..later.
Libby - yesterday was a good day. But without follow through and higher prices, it was just more of the same. A nice rounded base is forming on this low and we don’t have to worry about a “V “move.