Tuesday, October 6th.- Stock Trends, Charts, and Commentary
Last Friday, we posted an important
S&P 500 chart showing how it was facing a Major support
test.
As seen on the first chart, that two year
support held yesterday, but there was more than one support
test going on at the same time ... see today's second chart.
So, while we had a 2 year support being tested
yesterday, as seen on this close up chart, we also had a 6 month
support line being tested at the very same time. And if
that wasn't enough, we also had another major index being tested
... see the next chart.
This it the NYA Index. Note how it was
testing its 6650.41 support Friday and yesterday. At the
close yesterday, it also held the support.
Does that mean everything is copasetic?
Not quite, because unseen by the average
investor, was the fact that Institutional Investors were in
Distribution during the past three days.
SPX Daily - Backtest? 1 more try
Posted by hillsyde on 6th of Oct 2009 at 01:34 pm
One interesting chart deserves another
Posted by lpwise on 6th of Oct 2009 at 01:38 pm
Last Friday, we posted an important S&P 500 chart showing how it was facing a Major support test.
As seen on the first chart, that two year support held yesterday, but there was more than one support test going on at the same time ... see today's second chart.
So, while we had a 2 year support being tested yesterday, as seen on this close up chart, we also had a 6 month support line being tested at the very same time. And if that wasn't enough, we also had another major index being tested ... see the next chart.
This it the NYA Index. Note how it was testing its 6650.41 support Friday and yesterday. At the close yesterday, it also held the support.
Does that mean everything is copasetic?
Not quite, because unseen by the average investor, was the fact that Institutional Investors were in Distribution during the past three days.
It definitely looks like the
Posted by hillsyde on 6th of Oct 2009 at 01:54 pm
It definitely looks like the bag is being passed to retail..........