Tuesday, September 8, 2015
Technical Analysis Of Major Markets: SPX, XBD, IWM, SOX, UUP, GLD, USO
Intermediate Trend – SPX has started an intermediate correction (at least).
Analysis of the short-term trend is done on a daily basis with the help of hourly charts. It is an important adjunct to the analysis of daily and weekly charts, which discusses the course of longer market trends.
MORE SELLING AHEAD
Last week ended the rally after it had a typical 50% retracement of its initial decline. By Friday, on the bar chart, the index was trying to hold on to support created by a critical short-term trend line which had already been violated. On the P&F chart, that trend line did hold and it created a tepid bounce after being touched. (more)