Stock Market Supports Are Being Broken
Stock-Markets / Stock Markets 2015 Nov 24, 2015 - 05:54 PM GMT
SPX has clearly broken through its Short-term support at 2078.86 and is headed for the 200-day Moving Average at 2065.06.
ZeroHedge reports that the the third monthly decline as wages crash the most in 4 years. Consumer Confidence is now at 14-month lows, as well. In the meantime, the Pentagon shrugs over the Russian warplane shoot-down.
Not a good mix for investor confidence…
VIX is on a clear buy signal, having surpassed its mid-Cycle resistance at 16.43. The next hurdle is the 50-day Moving Average at 18.08.
The Hi-Lo Index is at -11, but must cross beneath the mid-Cycle support at -44.46 to confirm the sell signal.
Gold has crossed above tis Cycle Bottom support, giving it a buy signal, as well. It has been as high as 1180.50, but has settled down to 1175 at the present.
The minimum retracement appears to be the Flag trendline and the 50-day Moving Average at 1128.26. However, it may go as high as mid-Cycle resistance at 1153.37, should the world become even more disruptive.
Crude shot up as high as 43.45 at the open, also putting it on a buy signal. It is currently at 42.70. If the chart pattern is correct, crude may go to the upper trendline of the Flag near 52.50 or possibly higher. By doing so, it will have cleaned a lot of weak hands who are short WTIC.
Regards,
Tony
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