The S&P is weak for the first time in quite a while, and while we shouldn’t rule out the eternally optimistic dip-buyers from trying to rally the troops and move the market higher this afternoon, there is definitely an atmosphere of trading today that suggests that we may see additional selling in the near-term beyond what we are seeing today.
If we break the 1280 level though, that would be a “lower-low” on the intra-day charts – something we haven’t seen since 1/7. On the daily chart we have also held on to the 10-day moving average quite nicely, and even seen some buying support at that level. As for price patterns, we broke down below an ascending triangle, which is a typical bearish short setup at the break point when that happens.
So there you have it – enough to keep you informed and in grasp of what is happening from a technical perspective in this market today.
Here’s the S&P Chart Markup.
