Tuesday, May 26, 2009

Thank you, Veterans, but this post has nothing to do with Memorial Day

I hope every American took a moment to show some kind of appreciation for our Veterans today. I called my dad, who served in Viet Nam, and now lives 3000 miles away.

Back to stocks, I'm starting to feel more comfortable with the ThinkOrSwim platform. I thought I'd post a couple of charts with it while I try to figure out what the Market is going to do tomorrow.

Here's a weekly of the S&P 500:

Even after this seemingly massive rally since March, it looks like we are still in a Bear Market. I like to listen to podcasts of Bloomberg radio and APM Marketplace, but the talk of "The Recovery" must be ignored while price action (charts) is used instead. From reading these charts, I am VERY biased to seeing the Market move down Tuesday, and keep moving down until it hits several support levels. There's a good one at the 20-week EMA here, RSI too.

Daily S&P 500:

Either this is a Double Top that's ready to break, or SPX will bounce up to about 918 and we could see a Descending Triangle. I know the Double Top is bearish, but I've heard mixed opinions on the Descending Triangle. I believe it should be bearish, and I'm going to presume that it is.

Remind me to check the volume levels to confirm price action. I seem to be having trouble figuring out how to get Volume to show up right in my TOS charts.

Maybe I could work on making these a little less busy, too.

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