SPX Update 2-15-10:
Markets moved in with my expectations. Short term pressure is down on equities. 1080 will present decent short term key resistance. This would confirm RSI 50 resistance; which in turn means a double confirmation (resistance fail in price pattern and RSI indicator) pointing to a possible longer term down trend (and don't forget lower highs).
The only favorable bullish evidence arguably is the possibility of short term mometum reversal via MACD. Though if this is indeed a down trend, an inter-temporal comparison of a down trend period is more relevant. Hence comparing today to the 08 crisis period may mean that the MACD may open to lower levels, well below center balance.
The other slightly bullish evidence is light volume on the bearish days.
Overall, a bearish picture in short/mid/long time frames still.
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Alexander Lê
Managing Partner
Analyze Capital LLC
email: le.alex48@gmail.com
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