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It’s a Process
April 13th, 2009 at 10:54am · 2 Comments
It appears stocks are beginning a topping proccess, but it’s just that – a process, that may take some time to unfold. The modified DMX has a confirmed divergence on the 135 minute chart. That’s a start. Now there are net-line sell levels at 843 (60 minute) and 839 (135 minute). The latter number penetrated on a closing bar basis, would then set the stage for the expected move lower.
Tags: General Market Commentary · S&P 500
2 responses so far ↓
1 behindthepen // Apr 13, 2009 at 3:23 pm
CC-
The EUR/JPY chart seems to have preceded the last upturn in the SPX. Does it seem to be weakening at all to you?
btp
2 chris // Apr 14, 2009 at 10:58 am
It is weakening on a daily basis. The weekly charts on both the SPX and EURJPY are both strong, which may explain the difficulty prices are having in rolling over now. Also – the correlation between SPX and EURJPY is weaker now than it was in the 4th quarter of 2008 when the two seemed to be in lock-step.
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