Saturday, 10 November 2012
Spx Weekly Chart - Major Update
The SPX has not been performing very well in recent weeks. This week, was also a downer!
As you can see on the charts we have been in a bearish rising wedge, and RSI and Stochastics on the weekly are saying things are getting close to a bottom, but it looks like we are not quite there just yet.
Since Obama has been back in, all the market has been doing is dropping. Maybe to teach him a lesson? It doesn't matter, the news and politics mean nothing and we will follow the charts and see how they develop in the next week.
The market breadth A50R is also saying things are getting close to being oversold, it is evident that we are not at the exact point just yet.
Please Note: Monday is a US Holiday; Veteran's Day / Bonds are closed / Stocks are open
Have a great weekend :-)
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