On Friday's post, before the market opened, I suggested that the SPX (S&P 500) break of Daily 50 MA was NOT a false breakdown but rather a continuation of a downtrend in the 60 minute charts. This was the opposite view of most analysts, who were saying it was a temporary pierce.
Thus far, the SPX break was not false. It continued lower on Friday, with a big red candle.
The Dow Jones Industrials and NASDAQ have similarly bearish patterns.
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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