DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
SPX Comments Wanted
Yesterday the SP 500 bumped its head against its 200 day moving average and looks to be setting up to continue higher. In my opinion, this move in the SP 500 is one of the most important technical moves of the last few weeks. I believe it could spark increased buying if will break and hold for a few days.I am interested in your thoughts; please add your comments.
Best Regards
Keith Greff Jr
Trade Analyst
says...
Also, please note the volatility compression we've been under. Volatility has based and is going to pop. In the short term this would indicate continued headwinds for stocks. In addition, in looking at the 21 day MA of the put/call volume ratio, puts are beginning to heat back up. Longer term this continues to build a "wall of worry" that can be scaled. But over the next few weeks this will take a lot of the momentum out of the broader market.
11:51 AM
says...
I believe that the SPX is heading down in the next few weeks. We have tried to pass the 200 MA with little success. The Feds are not in the mood to pop up the market any more. The subprime mess is not yet over.
On the technical side, the SPX has hit the first resistance and it bounced back. We are going to retest this resistance in the next few days before we find out (I dare predict) that there is no momentum. Fasten your seats.
1:21 PM
Syndicate Site
technicals aligned much more strongly to downside than up... volume and breadth been weak, getting neg momentum divergence now, and never got the kind of washout and confirmation that you usually get when market makes a "permanent" bottom. decent chance we see retest of recent highs in a few weeks (after selloff), but not likely to go higher. it's a bear market, you know...lol 10:49 AM