SPX closed below the 20 month moving average (1407.94). Bulls need to rectify this situation quickly. On the other hand, the two major rallies since 2006 started at the 20 month MA. There is still hope, but again, bulls cannot drag their feet much longer.
The daily VIX is not confirming the new daily lows by SPX. As daytraders, we often use this tool intraday, the question remains whether or ot it has toom much significance on the daily. I think it does.
This entry was posted
on Monday, November 26, 2007 at 11/26/2007 04:47:00 PM.
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