Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Friday, August 16, 2013

Market Struggling At Lower Channel Line

Stock Market Technical Analysis Blog

Click on image to enlarge

In the market today we had a slightly down day as the S&P struggles on the lower line of its descending correction channel (shown in the top right corner of upper chart).  If the selling doesn't stop and it slips out of that downward channel there are several possible support levels shown with horizontal lines in the upper chart.  Also, a secondary channel is shown in black lines (lower left corner chart) that could also provide support if a serious selloff gets going.  

Right where it's at the market needs a classic Bernanke intervention.  We will see.

Trade well my friends


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