SPX is clearly under its Orthodox Broadening Top trendline this morning. This is the first step and may be considered an aggressive sell signal (with stops).

VIX had its breakout yesterday and may need a rally above 13.42 to confirm it. We’re getting close!

The NYSE Hi-Lo Index fell to a low of 29.00, giving a “provisional” sell signal. It may be confirmed by closing beneath its 50-day Moving Average at 93.60 today. Making a new low beneath the previous low at -5.00 would also help confirm this signal.

The Hi-Lo is telling us that the big boys are quietly withdrawing their support of the market. We just need the close beneath the 50-day to put it to rest.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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