Monday, November 12, 2012

Look out below?

Take a look at this chart of the S&P 500...


Here's what I see:

-The 21-day MA has crossed below the 50-day (bearish)

-The 50-day MA appears to be turning down (bearish)

-The 200-day MA is acting as support right now, but has seemingly flattened out (neutral)

-The price action has dropped convincingly below the bollinger bands (bearish)

-The trading channel of the past 4 or 5 months has given way to the downside (bearish)

-The latest round of QE to infinity was sold off pretty quickly (bearish)

I don't necessarily plan to do anything about it, but it's worth taking note of.
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