Stock Market Technical Analysis Blog
Click on image to enlarge
In the market today the S&P suffered a technical breakdown right at the open from major sellers waiting for a buy signal to unload into. I tweeted our stop loss was triggered right after the open, taking us out of the trade. In chart 1 above, the S&P lost the blue channel firmly today as it is now being controlled in a downhill channel shown with pink lines.
Next we will see the QQQ try the same lift likely Monday or Tuesday as shown in the lower right chart. If it also fails it should accelerate the downtrend in stocks. We will consider a new position Monday morning. One notable item, today at the close there were two twin 10 million share institutional trades in the SPY. Someone big is betting huge that this sideways action is about to convert to a definitive direction. Next week is the Fed meeting . Could get really interesting really fast.
Trade well my friends