Monday, May 25, 2009

Memorial Day Charts

SPX 60
Trendline lines are breaking on the 60 MIN and SPX is below its 20 and 50 EMA.  880-875 may provide the first bounce.

SPX Daily:
SPX closes below the 20EMA, but barely.  The upper channel trendline is now broken as well, there could be a move down to the 50EMA.

XLF-
I will be watching these level on XLF.  Notice the triangle that is forming from the gray trendline and the purple downtrend line.  A break of these lines will eventually happen soon.