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Monday, June 22, 2009

S&P500 Day Brief June 22, 2009

Wow, talk about being totally wrong on Sunday.

A huge 3%+ move down today. Not only that, prices closed under the 200 SMA. I don't think today's price action alone is significant enough to warrant a full out bearish move. Though accordingly, I totally ignored some indicators I usually look at on Sundays.

The RSI and the MACD were showing downward pressure, and looking at today's chart it seems prices can still go further down. If the price movement can slow down there is a chance 877 support can still hold.

Briefly looking at volume, I don't see levels that warrant a full turn around to be full out bear.

However, today surely knocked me outta my socks. I'm sure if I was trading this environment I would have been stopped out for sure!
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2 comments:

  1. PluteusJune 23, 2009 at 10:16 PM

    What's 877 Alex?

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  2. Alexander LêJune 23, 2009 at 10:42 PM

    Wow, I didn't realize you changed your blog name dad! haha, i had to click your profile to realize that was you. 877 is referring to a technical analysis theory. If you look at the price level 877 on a chart of the S&P500 for the past few months you will see that prices bounced off or stayed above an imaginary line at 877.

    ReplyDelete

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