Tuesday, December 14, 2010

$SPX - Weekly Candlesticks

$SPX - Weekly Candlesticks: "

via StockCharts.com

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1 comment:

mikeycanada said...

Despite popular claims by market commentators that we are in a Bull Market all the technical evidence is on this chart that we are still below the 200 period moving average on the weekly chart(red line) and the 50 period weekly average(blue line) is below the 200 moving average. The upward correction from the March 2009 low has followed a typical Elliot Wave A,B,C pattern also fulfilling the Fibonancci 50-62% Retracemrnt level. The Daily chart (not shown) also shows a clear 5 waves up for Leg C of the A,B,C and yesterday's market activity showed exhaustion in the candlestick formations. The Relative Strength, Macd and Stochastics are at extremes. So whats the next big move over the next few months and years? Down without question some 150% the size of the 2007-2009 move down or around 5000 on the Dow. Next Blog will show the Dow.