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Friday, November 20, 2009

E-minis (update 2:37pm)

E-minis back to the upper trendline again and testing.

A smidgen of positive divergence on the 60 minute RSI. Next week is a holiday week and usually lower volumes.

Wilshire may be wedging. It made a new low also so it too counts as a 5 wave move down.

This gives the bigger picture. Though not perfect, the SPX certainly can count as a 5 wave move down. The downward pressure remains. Bears want to break that key pivot support.

Intramarket divergence between DOW and SPX at the moment. Also markets down, VIX red. SPX could be a leading diagonal down. Or an ending diagonal one.
But for now markets are trying to hold the big pivot support. Losing this pivot support could result in a nasty little selloff down to 1060...

Obeyed the upper channel line although the lower channel line is not yet well defined. Some positive divergence for now on the MACD. A decent play I think is if there is a gap down, it should get covered.
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