The only changes I made to this chart are I changed the 800 line is now red. 780 held up and provided support for the market.
For the bulls they will need to move the market up tomorrow and not break today's low. The bears, they need to keep the market below 800.
I bought some calls today, I still hold some SPY Puts, but looking at the interals from this post and other sectors. I am starting to get bearish and looking to exit my calls if we don't get above 800 in 2-3 days.
$SPXA50- Today the market decline 3.8% Yet $SPXA50 barely moved, so either stocks are bouncing of there support or still have some room to go before they get to the 50MA. If it is the latter then the market might have more room to fall but. So keep an eye on this.
Looking at other internals:
TICK- still is heading down, the MA is showing more selling pressure from the market, it still has not reach below -1000, so there is more downside.
TRIN- is showing selling pressure as well. It was above 1.00 all day today showing there was a good amount of selling, but a move above 2.00 also starts to show signs of oversold, but before TRIN was showing exterme overbought conditions, so I would expect TRIN needs to get above 2.50 to show oversold.
$NYMO- This showed some selling as well, yet still has not crossed zero, which would be a good sell signal. This does look bearish though.
$NYSI-It still was up today although barely. It looks to be stalling and if the market has another down day it could rollover. That is bearish, since $NYSI is a longer-term indicator of the $NYMO
XLF-8.67 is now resistance, this is a safe place to short XLF. Your stop is above the 8.67.
XLU- is another great short. It broke its decesending triangle today and should head back to 23.
I hope you joined me on the DOW and FO shorts today. I hope you faded me on the LEG buy today!
Also look at MHK. I didn't want to short this guy because it was above its 50MA, but it still looks great. Also MOS could be a good long, it bounced off its trendline and on the 60Min chart it bounced off the 200MA.
