It didn't do a lot of technical damage to the SPYs. They retreated to the 200 day EMA. In addition, the EMAs (Exponential moving averages) are still bunched up, indicating the market is looking for direction in a big way.
The QQQQs are still above the 10, 20 and 50 EMAs. Today's action looks more like a planned retreat than a huge sell-off.
This is where a ton of damage could have been done. The IWMs retreated from their rally above the 200 day EMA. The good news is they retreated to an EMA which is currently providing technical support.
Moving to the 10-day 5 minutes charts...
The IWMs broke technical support earlier today, which does not bode well for tomorrow's action.
The SPYs are still in an uptrend, although they broke technical support established 4 days ago.
The QQQQs are still firmly in an uptrend as well.
If you look closely at all the charts irrespective of support and resistance, they all look like simple rising indexes that had a healthy sell-off today. The real question is what happens tomorrow.
2 comments:
I have to wonder, reading your market close assessments for the past few days; what, exactly is the underlying good news that points to greater earning potential in the coming quarter?
My understanding of technical analysis pointed to the recent low volume santa claus rally as a "distribution."
I will be interested to see what you make of this next leg of trading and if, in hindsight, you reflect on it as being predictable...
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