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ProShares UltraShort S&P500 Message Board

  • keybotthequant keybotthequant Feb 22, 2012 7:15 PM Flag

    SPX Chart Shows Negative Divergence and Megaphone and H&S Patterns

    The megaphone pattern remains in play and targets the SPX 1260 area. The upward channel is in place for the last month and received a spank down from the top rail. This is where the rising price was met with negative divergence and overbot conditions and received its expected smack down. The 8 MA is now under the 34 MA which is bearish. The RSI and stochastics are under the 50% levels, bearish, ROC is under the zero line, bearish. The neon green lines show the universal negative divergence that was in place to mark the top Tuesday morning.

    The red lines show a weak and bleak profile that want to see another lower low. The pink lines show an H&S pattern now in play, so a lower low would test the neckline at 1355-ish. SPX 1354 is sturdy horizontal support from the last couple years, so if price ruptures the pink neck line at 1354-1356, the SPX will be in big trouble with a target at the horizontal support at 1340-1344. The bears are in perfect shape to push the indexes over the hill. Watch the indications mentioned to see if the market bulls are able to push back tomorrow.

    For SPX chart use search box above for keystone speculator.

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