SPX has Fallen Beneath the Trendline
Stock-Markets / Stock Market 2017 Jan 12, 2017 - 03:56 PM GMTSPX has declined beneath the trendline, putting it on an “aggressive sell.” A confirmed sell may be had beneath the 2-hour mid-Cycle support at 2247.13 and a breakout above the 50-day Moving Average on the VIX.
ZeroHedge comments, “Despite the latest Small Business Optimism explosion of confidence (in December), the most up-to-date surveys of US consumer confidence appear to be crumbling after the 'Trump Bump'...
The headline confidence index has erased all its post-Trump gains...”
VIX has broken above the 2-hour mid-Cycle resistance at 13.74. This puts VIX on an “aggressive buy.”
The NYSE Hi-Lo Index has declined beneath both the daily mid-Cycle support/resistance and the 50-day Moving average at 108.81. Its position is a bit precarious, but it is an aggressive sell signal, nonetheless, subject to a close beneath those levels.
The Hi-Lo Index must decline beneath its December 13 low at 0.00 for confirmation of the signal.
Regards,
Tony
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