Wednesday, June 26, 2013

SPX - Keep It Simple, Stupid

I started writing a macro note on what this morning's negative GDP revision means for stocks. But I stopped, as I had to examine my head more than once while typing it. So I said, screw this nonsense and stick with charts.

S&P 500 is nearing an important pivotal moment. If 20 dsma crosses below 50 dsma, there is a very strong possibility of price heading down to 200 dsma.

click on chart to enlarge

1 comment:

  1. Unquestionably, the 20 day MA WILL cross below the 50 day MA Thur/Friday.

    Momentum from last week is carrying this lower, and this recent bounce is surely indeed...just a bounce.

    Should be a very valid short from sp'1600 down to the low 1500s.