Monday, August 8, 2011

STOCK MARKET BEARISH -- SHORT

Keybot remains short as the new week growls from the opening. UTIL lost the 50 week MA at the open so you knew the day would be rough.  SPX lost the Friday LOD at 1168 at 10:15 AM which accelerated the selling. Markets are firmly bearish now but that said, the oversold readings and other indicators are screaming for a bounce.  The markets are having trouble with any lift, buyers are on a milk carton.

For the remainder of today, watch the SPX LOD, last low print was 1151.88. Bulls need to hold this level since it also represents the critical 1150-1170 support zone. Selling will increase further if todays LOD is lost. A loss of the 1150 level is a serious market event that will have an impact for months, perhaps years, to come. Today we will see if it holds.

8/21/11; 7:00 PM EST =
8/16/11; 9:00 AM EST =
8/14/11; 7:00 PM EST =
8/12/11; 10:00 AM EST =
8/8/11: 9:30 AM EST = -88
8/7/11; 7:00 PM EST = -72; signal line is -32

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