Bonds on a daily chart fired a sell. So come Monday, unless price gets back above $110 by 11:30am, Bonds are an official sell. Below is the monthly chart and I just want to show you just how ugly it looks. If this was the end of the month, Bonds would be a sell. For now, I will flag it as a hold. Weekly chart is also ugly but not shown here. The sell signal is not close to firing weekly so I didn’t see the need to show it.
The S&P 500 fired it’s first warning on the daily chart by breaking below the CBL. Price is also tantalizing close to the 50 day moving average and if that is broken, warning 2 would be fired. I will still show the S&P 500 daily buy. I also drew that last pivot low that we need to hold to maintain structure.
The Small Cap is pulling back like the rest of the indexes, but is safe at the moment with no warnings fired. That $1064 level in blue is key. We must turn back higher prior to that point.
The International at the moment has no warnings fired but it is close.
It was a very weak market this past week. But it was also time for a little profit taking and consolidation specially on the International Index. We are now approaching a lot of levels on each index where warnings and sells on daily charts are or will be fired very soon. So let’s hope that things steady out next week and start back to the upside. What is driving prices down at the moment? No clue, I watch charts and price on charts, so I’ll let you guys tell me what is driving down prices. News makes me make bad decisions.
No comments:
Post a Comment