A few technical comments...
Adding to the bearish viewpoint, the weekly MACD on $VIX has crossed over, and the $SPX has fallen through the 'blue' trendline I drew the other day.
An additional and better confirmation of trend change would be seeing price action go below the August 17 bottom on fairly high volume...that means going below the horizontal magenta line I have drawn...
An additional and better confirmation of trend change would be seeing price action go below the August 17 bottom on fairly high volume...that means going below the horizontal magenta line I have drawn...
Comment
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Comment by Mark Lytle on September 2, 2009 at 6:44pm
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Yes, I would agree with that...good eye!
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Comment by Steven Vincent on September 2, 2009 at 6:31pm
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Here's how I have been charting the SPX...an ascending wedge was broken to the downside on strong volume yesterday:
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