Tuesday, June 26, 2007

Market Technicals

The S&P 500 is at a critcal juncture, already having broken below the 50 day moving average and now ready to test recent lows. If we see a breakdown below 1487, we officially will be in a short to mid term downtrend. A violation of this level would also signal a double top short setup. Thomas Bulkowski has a good primer on the double top short setup.

It may be time to start beefing up the short watchlist.

1 comment:

hrgreen said...

Top of my list: AAPL 1) sort of a reverse (up side down) breakout pull back from last test of 115. 2) Sell the news: IPHONE release... 3) stocastics...