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发表于 2009-9-2 01:29 PM
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Despite the almost universal expectation for a September correction, yesterday’s sell-off was
significant technically.
• Short-term uptrends were broken, turning daily momentum indicators negative.
• Downside vs. upside volume was over 9:1 on NYSE with US Global Volume spiking to a
2-year high at 25 billion shares (MVOL E Index on Bloomberg), suggesting that
“something” different is developing.
• Intermediate-term momentum indicators, measuring 1-2 quarter shifts, will also turn
negative should the S&P close below 1013 on Friday. Adding a weekly momentum
downturn for the S&P 500 to the list negative divergences in place for the Nasdaq, China,
Yield spreads, Baltic Freight index and Brokers sets the stage for further correction into
Q4.
• The VIX rallied through its downtrend that began in Q4 2008.
• Currencies are on the verge of reversing trends that have been in place since March with
key levels defined by 50-dma’s (DXY 79, Euro 1.416) and the highs/lows established in
August (DXY 79.51, Euro 1.40) |
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