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I don't do a lot of work with the index, but for the index (SPX) to turn negative it
would have to take out 923.32. It could retrace to 1025 and still remain positive.
there is currently negative divergence which should lead to lower prices, but not a
trend change yet. I suspect this down move will run out of steam between my two
targets of 1160.40 and 1152.08. there should be a retracement to the upside and the
next leg down could carry to 1025. that can only be determined after the retracement
leg is complete. Time will tell. Ira
Ned Markson wrote:
> FWIW, my midterm indicator turned negative today. Chart at the site.
>
> Ned Markson
> cnedgo@xxxxxxxxx
> http://www.erols.com/cnedgo
>
> Ira wrote:
> >
>
> <snip>
>
> >
> > As far as the Spoos intra day. So far the downside has come up just sort of my
> > targets which seems to indicate that there is still upside pressure. It appears
> > that the 1182.80 high will hold. If not time to refigure the downside and
> > upside targets. Ira
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