Well, I think you need to forget that historical stuff on black oxy's and see what's in front of you, which is this:
60-minute SPX has DB on the fast stochs, but full and slow are rising:
stockcharts.com[h,a]eaclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
30-minute SPX is turning down from mid-range, but there is rising support on the indicators right where they are right now. That should prevent much of a drop in the AM:
stockcharts.com[h,a]faclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
15-minute has rising support on the fast, but has broken support on the slow, and is inconclusive on the full:
stockcharts.com[h,a]gaclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
10-minute appears ready to turn up at support:
stockcharts.com[h,a]haclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
5-minute bounced at the 50SMA and turned up, and the indicators are turning up:
stockcharts.com[h,a]iaclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
In short, I think you'll be lucky to get 901 SPX for a cover point tomorrow AM, and I think we'll be above that for the remainder of the day. We could take it out possibly early next week, but after that I'd say the bias is up.
Look at the weekly SPX chart. See where the 13-EMA is? Don't expect a close below there on a Friday just yet (903.70 currently):
stockcharts.com[h,a]waclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
In fact, you'll know the rally is over when we close below the 13-EMA on the SPX weekly chart and the 20EMA on the NDX and COMP weekly charts.
By close, that means after a Friday close for the weekly. |
