Friday, January 28, 2011

Very bearish morning

Despite the negative news (AMZN, F, MSFT, lower GDP growth than expected) market went up in the morning but it changed its mind half an hour later.

This is the most bearish move since the beginning of this leg. SPX slipped 5 points bellow intermediate time frame support at 1282 (SMA 120). EMAs did not cross yet, the move was too violent, but they may cross by the end of the day or most likely next week.

I'll keep an eye on daily DMI as well. Right now is slightly green but is probably to turn red soon.

P.S. Three coffees today. thank you bears :)

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