Posted: September 11th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks again, Mike and ChartsEdge! Today's September 11, a good day for remembrance and reflection. Best to all of you and yours on this unique day.
Folks, clearly a lot happened last week when I was on vacation that set the groundwork for the action this week. It included the VIX hitting back up to that long-term chart trendline, which I pointed out and we knew it would be significant but frankly didn't foresee that sending the VIX back to new lows. Or was that somehow a function of the G-20 and/or the influences described by Raymond Merriman in his weekly preview last Friday?! But the dollar was also sending a message last week, as it refused to make higher highs in the consolidation that instead poured down into trend continuation this week. So if the dollar is the new carry trade currency, that helps the yen up which it's on the way to do as I posted here last night. As for the dollar, I see the Fibonacvi support about 73.50-ish area, where it can also get trendline support (depending how fast it drops there, ie., especially if it happens rather quickly hence scarily).
Below, I'll copy in the McClellan charts post I made last night at the UBTNB3 blog. Also keep an eye there for trader talk from Brian who's started making occasional direct posts there now.
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Once again we've seen a strong bounce in the Oscillator, along with price of course, after it dipped under zero. Sometimes dipping under zero is called a technical sell - well, it is a technical sell! but the point is, that signal did not last very long. The summation index remaining relatively high has something to do with that, even though it had rolled over so started looking bearish too. I've drawn trendlines on these again to help gauge relative movements.
These McClellan charts are courtesy of DecisionPoint.com via Stockcharts.com, although the trendlines are the ones I've drawn onto them.
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