More pain...

...for bulls, of course, SPX lost another 3 points and is now going further away from SMA200. It looks to me that we are going to trade in range for longer than I thought. EMA50 is almost crossing EMA100 on 30 minutes chart and it may do it tomorrow if bulls are not going to push SPX substantially up.  As I mentioned before, my eyes are mostly set on 60 minutes charts since the volatility is high and I don't want to get a buy or a sell signal every other day. On 60 minutes charts EMAs are not going to cross this week unless another big move down is going to happen in the next two days. Even though price is bellow both EMAs and they are both pointing down now. Some hope arise from the fact that, despite today's bad news, 5 days SMA did hold by the end of the day.

I am going to repeat myself here, if SPX is going to give a sell signal on 60 minutes chart only a few days after generating a buy signal there isn't going to be any momentum, either up or down, this market is going to move sideways. But let's not anticipate.

Meanwhile either if you are long or short right now don't forget to hedge yourself.  Since I do have some "longs" into my portfolio I have shorted a couple of stocks with a very bearish momentum, so bearish that even if market is going to move up from here they are most likely to go further down.

babaro