The market has been in a clear cut channel downtrend since early May. The shorts have been
right but the trade has been risky because we have yet to see the kind of break away action
that signals a correction of consequence is underway. As another illustration, the 25 day m/a
has yet to roll over and join the daily and the 10 day m/a in trending lower. Today gave a
mechanical short term sell signal because the little countertrend move up now underway could
not take out the top line of the channel down. So looking ahead, the downtrend is intact as the
market moves into next week, but sans the kiss of death. $SPX
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