Shanky's Technical Analysis and Market Commentary: Solyndra

Showing posts with label Solyndra. Show all posts

Tuesday, September 20, 2011

Afternoon Delight 09/20/110, SPX, NFLX

OK, the news since 6:00 last night has been nothing but dreadful. Most all of it was covered in the comments section today. The DOW had absolutely no reason being up over 100 points other than on hopes of easing (and a little HFT spice).

Not gonna rehash the market's whacky day. Bottom line is price reversed at the April 2010 top forming a pretty double top with nice divergence - a classic and powerful turn signal. Now, the fed tomorrow can blow all of this up, but at this time it appears that TA has predicted the "sell the news" event STB and commenters were proposing earlier in the comments.

Hope you liked the updated 1m /es futures charts today. They really allow us to track support and resistance levels nicely.

SPX 30m - Pretty double top with divergences. That 13/34 ain't working so hot in this consolidation phase. Not sure anything is other than TA at this point which has missed a few news driven turns as well. So, follow the news LOL.

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