This is the most important chart in that it shows the extended bear potato that we have had for the last 9 days. There was a full scale bull/bear battle for two days that has resolved to the downside at least for the moment. Tuesday's session was significant in that the internals were very weak all day and became even weaker as the day progressed. All time frames showed Red MACD. This potato is very over extended in lasting for this long. Sooner or later we must get a break to the upside. There is no way to know when that will happen.
Wednesday, January 21, 2009
SPY 20D, 60m - Jan. 20, 2009
This is the most important chart in that it shows the extended bear potato that we have had for the last 9 days. There was a full scale bull/bear battle for two days that has resolved to the downside at least for the moment. Tuesday's session was significant in that the internals were very weak all day and became even weaker as the day progressed. All time frames showed Red MACD. This potato is very over extended in lasting for this long. Sooner or later we must get a break to the upside. There is no way to know when that will happen.
Subscribe to:
Post Comments (Atom)
.jpg){kind=small}
No comments:
Post a Comment