UPDATE: Market poped on fins and real-estate ripping up. Now coming down Top of trendline for SPX acted as resistance. First support level to watch 1000, the the 20EMA, 999.15.
Long SRS
Yesterday was a fun day. The market finally moves down and "Whammy" right back up. If you notice on the hourly chart, SPX remained hovered around it's 20EMA and kept making higher highs. That was one key not to get all bearish. The second was the market acutally worked off its overbought condition and moved almost to oversold.
The breadth is still to the upside, volume still favors the bulls. The up volume trend is still up. But advancers were weak yesterday, another down day for advancers and it would break the uptrend line.
Here is one short-term chart that is interesting. NYMO is showing signs of bearish divergence again.
Pre-Market(8:27EST) TNX is trading lower, oil is trading lower and dollar is up and gold is up. Plus the market futures are up, so lots of disconnect in the market now.
Oil which I mention yesterday got stopped right in it's tracks via the downtrend line.
RTH closed below 82.50 and as of 8:20 EST is down again today.
