ok, spx futs have bounced off their 20 ma hourly and daily, but not convincingly yet... spi currently capped by the 20 ma... spx slow sto in oversold territory and turned up, spi hesitated before heading down again... the two indices are not quite in synch, with the spx a bit more bullish than spi at this point.. spx has broken out of a longer term rising wedge on Friday but in the process has formed another rising wedge... volume has shrunk as the wedge has progressed - which is expected - but no volume expansion on the breakout... upside breakouts need vol expansion to be convincing ... particularly in bearish times.. so not a convincing breakout atm... the adx indicator on spi not showing any trend whereas the same indicator on the spx is confirming an uptrend..... in all it looks like the spi will lag the spx on any up moves tonight, but may exceed the spx on downmoves..
DOW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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