Another SELL signal

Please be advise that the "sell" signal is on intermediate time frame that I prefer to trade. On long term market remains bullish.

On two hours chart I noticed a clear EMAs bearish crossing. This and SPX bellow SMA 120 and especially the two reverse days we had give me a pretty good confidence that this sell signal is for real. 

This timing method is not flawless (we had an whip-saw in July) but is good enough to give you an edge and make a decent amount of money on both rallies and plunges. 

The last chance for this rally to be saved is for the market to find support around the 4 month uptrend line that is currently around 1,428. As I am writing this, SPX is exactly at this level but honestly I don't expect it to hold. Maybe for today but next week I am expecting market moving further down.

Weekly chart shows a bull market uptrend line around 1,300 and weekly DMI still positive so if you are investing in this time frame you still need to be bullish.

Have a nice trading day!

babaro

After the bell update:

SPX managed to stay above 4 months uptrend line and SMA 50. Next week bulls MUST push the market up. Otherwise... big plunge ahead!

P.S. over the weekend have a look at UNG. I must say I hate this ETF because I made a wrong call on it and lost some money in the past but I must admit now looks pretty bullish. Finally! Please notice the uptrend channel. Now is touching the upper edge meaning that is may go down again to the lower edge. However, if it manages to push above the upper edge we may have a winner.

There is a story on Market Watch about the new hybrid cars running on natural gas. You may like it if you are bullish on UNG.