Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Monday, August 19, 2013

Market Correction Begins Week 3

Stock Market Technical Analysis Blog

click on image to enlarge

In the market today we had another bout of selling taking the S&P to a loss of 3.75% from the Friday 8/2 peak.  The upper left corner chart shows an intermediate channel that might catch the fall.  The upper right chart shows how we slipped thru the lower line of the already descending correction channel, it also shows several possible support horizontal lines.  In the bottom left corner chart we see the alternative day chart channel shown in black lines.  In the bottom right corner chart there is the 50 day EMA that has failed.

Trade well my friends


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