Tuesday, June 29, 2010
as ı write the triangle or overall support gets tested and its rather just a matter of time - days or hours until we take it out. the matter that we drop sharply below the 200 day MA for the NDX as well with a gap in consecutive 7 days down is a very bearish price action. the target once we close below 1780 on a weekly basis is 1500. like ı wrote 2 weeks back if ı were a bull ı would be scared as the death cross is one of the harbingers of bad things to come in the next weeks and months. the lunar eclipse on the grand cross lived up to its promise of a sell of and we can expect more as the last time in 1931 it triggered a downmove of at least 20 percent. at some point later today if they have the chance is hard to say the window dressers with PPT will try to save the day or rather a bit of the quarter but even that chart for monthly and quarterly terms looks quite bearish now.
Posted by getagrip at 9:22 AM