Monday, January 31, 2011

"Sell" signal today?

SPX is fighting to get above SMA 120 at this moment (1283.5). EMAs are touching each other, maybe crossing a little bit if you zoom in, but it's too close to call it right now.

Anyway, if SPX stays like this (1283) or is closing bellow 1283 we may see a "sell" signal. Ideally the market needs to close flat or a little bit in red to get a good "sell" signal. If this happens we are going to see a confirmation from daily DMI that is slightly green at the moment. Let's not rush! Patience pays!

I'll come with more updates later.

2:25 pm update

Bearish EMAs crossing despite 7 points on the upside. If market closes bellow SMA 120 (1283.5) the "sell" signal is going to be confirmed.


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