Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Thursday, September 26, 2013

S&P Stuck At Pivot

Stock Market Technical Analysis blog

click on image to enlarge

In the market today we had a decent up day with an opening blip and also a midday blip upward but neither managed to trigger the pivot (shown with the merged orange and green EMA lines in chart 1).  Also in that chart you can see that today's candle is pretty much neutral.  

Looking at chart 2, we see the narrow blue line channel continues to contain the market but note that in the early afternoon we did slip down thru the orange line briefly.  In the last thirty minutes the S&P moved back up above the orange line.

Looking at chart 3, we are still modestly overextended from the 100 day EMA but not far enough above it that we can't move up back up for 2-3 days if the chart 1 pivot finally breaks upward tomorrow.  

Looking at chart 4, we see how the S&P is still refusing to give up the orange line, the last line of defense.  

Trade well my friends


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