austerityallstarstuesday

I think Cyprus has a new (unofficial) national anthem, by the Austerity All Stars. See it at:

http://www.buggerthebankers.com

Above is H-A chart for SP500

In America:

SP500 -0.55%
Dow Industrials -0.43%
Nasdaq100 -0.25%
Dow Transports -0.33%
Russell 2000 -0.55%

Comment: It could have been worse, and it was early on in the day’s trading. The Buy-the-Dippers then came on the scene and took the Dow up to par. Late afternoon trading was not bull friendly, with much of the day’s gains eroded. Still, the Dow and SP500 were only down moderately. The Nasdaq100 was down modestly.

NewHighs/NewLows. NH>NL. 166/19. Ratio: 88.8%. In the Do Not Sell Zone. New Lows remain muted.

Technical Comment on the SP500:

The SP500 finished at 1552.1. Support: 1526.7. Resistance – 1563.6
MACD Histogram. Below zero and falling. Neutral.
MACD. Above zero. Positive.
RSI.9 is at 61. Falling from above 70. Negative.
Stochastic. 93.1. Overbought. Below its signal line. Negative.
CCI.14: +55.7. Falling below +100. Negative.


The short term trend has now flipped to the downside. Longer term, bulls still won’t be worried, they’ll be looking to buy any dip. There’s plenty of support below and the up trend channel remains intact.

In this chart the 40-Day TMA (dashed curved line) remains, for me, the key level.

Redbacka