Let there be no doubt--Barbara has the e-mail.(smile)
We left the C Fund @ 1300.
Today, the S&P 500 Index closed @ 1270.98.
The downtrend remains strong! There is no sign of abatement.
On a daily chart, resistance lies overhead at the rapidly falling 13-day moving average. I would be a seller @ 1305.93 (13-day moving average) if the market bounced up to that level. Today's volume was greater than yesterday's volume on an up day. The greater volume today on a down day is bearish and portends lower prices ahead.
On a weekly chart, all systems and indicators are bearish. The Relative Strength Indicator (RSI) is falling. The overhead 13-day moving average is falling. The MACD lines are open, pointed down, and falling. The MACD Histogram is falling. The stochastics are falling.
Barbara, you're not missing a thing!
Have a good weekend!
Wink
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Great posts Wink
ReplyDeleteKeep them coming
Thanks. These are interesting times in the market. And I thought it would be a dull Summer/Lol! I'm focused on July 1 as a key pivot date for several reasons. First, the weekly stochastics have bottomed since at least 2008 on or about July 1. Second, July 1 would be the anniversary date of the 2010 low. W.D. Gann teaches that anniversary dates are sometimes important reversal periods in the market. Third, the market has a habit of reversing around the turn of the month.
ReplyDeleteFor these reasons, I am keen to see what happens on or about July 1.
Later,
Wink