PM update:
Bears are back and we are having an early breakdown. Reporters are naming financials and Lehman, but semis are also down 1.75%. That 22% drop in computer factory orders finally got noticed. No rose-eyed lenses anymore it seems. XLF looks headed for that gap close at 23.45 (see Saturday).
NDX lost both 10 and 20 dma support, but more importantly SPX has dropped below its 50 dma for the first time in two months. Things are heating up as SPX loses the trendline off March lows, hitting what looks like the neckline of an ominous head and shoulder.
Blogger is still giving us problems, I will e-mail to the subscribers the intraday SPX chart.
Bears are back and we are having an early breakdown. Reporters are naming financials and Lehman, but semis are also down 1.75%. That 22% drop in computer factory orders finally got noticed. No rose-eyed lenses anymore it seems. XLF looks headed for that gap close at 23.45 (see Saturday).
NDX lost both 10 and 20 dma support, but more importantly SPX has dropped below its 50 dma for the first time in two months. Things are heating up as SPX loses the trendline off March lows, hitting what looks like the neckline of an ominous head and shoulder.
Blogger is still giving us problems, I will e-mail to the subscribers the intraday SPX chart.
This entry was posted
on Tuesday, June 03, 2008 at 6/03/2008 02:33:00 PM.
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