These levels of compliance were never very good for the market. We are already extreme levels. I believe a short term top is supported also on indicators of current sentiment. At this level I say we are between a yellow and red alert. Only three graphics to explain better. http://rounderstrader.blogspot.com/2009/04/sentiment-between-yellow-and-red-alert.html
SPX - Daily. Beatiful Wedge.
We should be very close of top. Mybe monday a high residual above the last friday. If no break in the closing 885 this is an area of Top. Below 885 should expect a visit to 780 mybe 750. 835 important to break the pattern of recent weeks. Forming a rising wedge (bearish) in recent weeks confirming loss of momentum.
Close above 885 next level 905-920. Close above 945 (MM200) should see a visit to 985-1010. In the graph are represented the major area of resistance for the next sessions.
Sentiment - Between Yellow and Red Alert
ReplyDeleteThese levels of compliance were never very good for the market. We are already extreme levels. I believe a short term top is supported also on indicators of current sentiment. At this level I say we are between a yellow and red alert.
Only three graphics to explain better.
http://rounderstrader.blogspot.com/2009/04/sentiment-between-yellow-and-red-alert.html
SPX - Daily. Beatiful Wedge.
We should be very close of top. Mybe monday a high residual above the last friday.
If no break in the closing 885 this is an area of Top.
Below 885 should expect a visit to 780 mybe 750.
835 important to break the pattern of recent weeks.
Forming a rising wedge (bearish) in recent weeks confirming loss of momentum.
Close above 885 next level 905-920.
Close above 945 (MM200) should see a visit to 985-1010.
In the graph are represented the major area of resistance for the next sessions.
http://rounderstrader.blogspot.com/2009/04/spx-daily-beatiful-wedge.html