Friday, October 30, 2009

10/30- SPX Line Chart and MACD Histograms

SPX Line Chart

How's this for a simple look? The count looks pretty clear like this.

SPX Support Levels

I've also marked some levels that should act as pivot points/support areas over the next few weeks.

SPX MACD Histograms

I wanted to add an updated chart for the SPX histograms. In my post yesterday, I wanted to give it one more day to see if there was any follow through with a change in trend based on the shortened histogram.

It's a good thing I wanted for confirmation for the reversal because it didn't come. Perhaps the fact that price didn't tag the upper trendline may have been a key signal that momentum was waning and the direction change was coming.

10/30 SPX Weekly MACD Histograms

10/26 SPX Weekly MACD Histograms

Here is an update on the MACD weekly chart. Notice the sudden drop in the histogram? MACD is bending ever so more towards a cross through it's signal line. Based on this analysis, we may be a week or two away from a minute [iii] pullback.

1 comment:

  1. try (iii) where you have (v).

    that's my theory for now.