Wednesday, April 28, 2010

2 criteria for the trend to turn down

I had 2 criteria for the trend to turn down:

1. The daily SPX trends turned down below 1194 SPX channel/TL support, but that hasn't happened yet for the NDX, which is usually the market leader.

2. We decline more than consecutive 2 TD, something we have not seen since 2/5 Lows.

Shorter term, we should make a 4/27-28 Low, bounce into 4/29-30 Highs and decline into 5/3-5 Lows. Trend is generally down into 5/3-5 Lows.

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