Stock Market SPX Approaching its Sell Signal
Stock-Markets / Stock Markets 2015 Dec 03, 2015 - 06:33 AM GMTSPX bounced from its Short-term support at 2076.36, making a low of 2077.51. Chances are good that it may slip through Short-term support and the 2-hour mid-Cycle support at 2073.90. However, there is a likely bounce due at the 200-day Moving Average at 2065.10, where it appears to complete Minute Wave [i]. This decline has a long way to go in only a week’s time or so.
VIX broke above its 2-hour mid-Cycle resistance and trendline at 15.86 and challenged its daily mid-Cycle resistance at 16.41. It is on an aggressive buy (SPX sell) signal which may be confirmed should it close above 16.41.
The NYSE Hi-Lo Index has been steadily progressing toward its confirmed sell signal al -45.00. Be prepared for a sell signal either by the close or at tomorrow’s open.
Regards,
Tony
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