8.18.2008

MIDDAY MOVES


Markets continue to trade lower and just off the worst levels of the day- All the big financials trade red - the list includes BAC C JPM MTB USB WB WFC GS LEH LM MER MS RJF CME ICE NDAQ NYX BEN BLK TROW- so unless something starts to turn there expect the major indexes to finish at/near their lows.


Strong sectors- metals, ags and oils;


NYSE- 970 net losers;

NAZ- 800 net losers;

NDX- 20 GREEN;

OEX- 10 GREEN;


DJIA - 1 GREEN (XOM)- losers- GM AIG C BAC HPQ AXP HD JPM;


VIX - moving on up (8%) and now at 21.15-


Down volume 3X the up;


TRIN- 1.62


Trend line support on the SPX at 1280- a line of the lows since the recent bottom in July- which I suspect won't hold - may hold today but going forward still looking at 1255 area;


RSI (2) levels on major indexes:


SPX 25

DJIA 22

NAZ 23

RUT 28

1 Comments:

Anonymous Anonymous said...

I see that S&P trendline being at 1270, not 1280. The S&P could trade to 1270 and still have the pattern of higher lows.

2:46 PM  

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