http://strawberryblondesmarketsummary.blogspot.com/2011/07/on-different-note.html
I would present the following updated Daily charts as they closed today (charts courtesy of Barchart.com):
It will be interesting to see whether the current levels on all three charts remain below today's close...these large drops and low closes today may be signalling either the beginning of major weakness in the equity markets, or a an exhaustion on the bear side and possible bear trap setup. In any event, I'll continue to track these on a daily basis.
Another chart I'll be watching is the NYSE Summation Index Weekly chart below with a slow stochastics overlayed in relation to the SPX Weekly chart. In the past, a bearish crossover of the stochastics has resulted in a decline on the SPX to some degree...just how much meaning this current crossover has is yet to be determined.
The Daily chart below of the NYSE Summation Index shows a close today just below the 50-day moving average and a bearish crossover on the MACD...signalling the potential for further weakness.
