Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Monday, May 16, 2011

Market Downtrending 5/16/11

Stock Market Technical Analysis
Click on above image to enlarge

Today the VIX continued higher above the blue line from yesterday afternoon's cross to the topside causing another mild selloff on the indexes.  On the upper chart, the SPY, we can see we are clearly downtrending away from its upper channel line.  The market is still under the sell signal from yesterday afternoon but if the VIX breaks above the brown channel line tomorrow it will trigger an additional sell signal.

Alan