Tomorrow there seems to be a lot of anticipation about the UPTICK rule. This should be a non-event, there was the similar anticipation about the M2M rule.
So now does this market have the momentum to move down more. We head the the MEGA CHART for that.
$SPXA50-Moved down today, it matched exactly how the market did down 2.39%. There are still a good amount of stocks above their 50 but it's still at a peak level. This means there isn't support at these levels, there is momentum to the downside
$NYAD- did not move as much as one would think on a 2% down day.
$NYMO - 20points from breaking zero which would be a clear sell signal. Although if the market moves up, it is a normal level and could bounce back up.
$VIX- was actually down today, which seems odd. (More on this to come)
$NYSI- I haven't posted this in a while but it's reaching important levels. It's "overbought" and it seems to be stalling. A turn down would be bearish IT.
Overall the indicators are pointed to move down side but if they do not move down more I would look to cover shorts, since they are heading to normal levels.
For the bulls, they now would need to get out of the bearish engulfing candle and need to defend the trendline from March.
I am still bearish (5-15 days away) and I am watching the trendlines closely.
I am keeping my eye on GLD and Gold in general. It is slightly oversold and has moved back above its 200EMA and formed an Inverted Hammer candlestick which is bullish after a down move.
