The normally bullish price advance into OpEx Friday did not happen with two days of clear selling on Thursday and Friday. Additionally, both Thursday and Friday each resulted in Hindenburg Omen confirmations.
A Focus on the Russell 2000 (small cap's)
The small cap’s, earlier in January 2010, signaled a downward bias for the year (e.g., a seasonal indicator called the January Effect). Additionally, small cap's and tech are showing relative weakness to the broader indexes, and therefore, they may lead the markets down from here (probably along with technology).
13-34 EMA crossover on the weekly
Two Force
Force 1 has closed again below its primary channel, and force 2 is now showing an edge in momentum and directional movement. The 590 area on the Russell 2000 is the next major support area that I am watching. If the Russell closes below 587, I would expect another downside move to develop.
NASDAQ with a possible Head & Double Right Shoulder
Former market leader is no longer leading
High-Lows moved back to the zero line this week
Banking is NOT leading at all ... note the lower low on Friday
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发表于 2010-8-23 05:08 PM
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