Wednesday, August 18, 2010

SPX range from 1087 to 1095 a narrow gate to market's path

Now the level of 1095 is the SPX gate to higher, while 1087 is the gate to lower. And we may not know until tomorrow which it'll be. Below you can see how this story looks in the Nasdaq 100 index NDX, including the MA resistance. Also the Nasdaq breadth chart, advance/decline data. Breadth isn't great right now. As I tweeted, we may be on edge of rolling far down very soon. Or maybe it'll hold up several more trading days. Either way, we are bracing for a decline into October.

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