12 June 2011
.... The daily chart is downtrending in a channel and just broke down the downtrending channel support. The indicators are very bearish, but a deep oversold condition has arisen. Bearish with a dead cat bounce due.
Link 12 June WMA
13 June 2011
S&P500 Long range
SPX Monthly reveals a lot of interesting insights…
The monthly chart has an obvious Fibonacci fan pattern that reveals a top is in place, ...
... and price looks for a break of the uptrending support. However, this very uptrendline is likely to provide a dead cat bounce support for the short term. Breaking this would mean a good correction to about 1200. At this point, the RSI should also bounce off the Fibinacci fan support
Link 13 June SNAPSHOT analysis
Spot on, yesterday marked the start of the rebound, and today is a follow through. It is likely to turn around, and the later it does, the worse the following down will be.
Watch for it!!!
The MadScientist 14 June 2011
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