Stock-Market-Observations

The SP 500 closed below the June lows today.  After hours trading saw the futures continue to sink.  This is now an intermediate term decline.  The next target for support would be the March lows.

Jeff Saut believes a Dow Theory sell signal would be generated when the Industrials and Transports break the March lows.  We are also at the neckline area of the head and shoulders formation.  If we break the neckline it’s typical behavior to decline and then rally back to the neckline before the big break to the downside takes place.

08-02-11 SP500 60 MINUTE BARS

There will be no buy or sell signals in the future other than short term.

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This entry was posted on August 2, 2011 at 1:14 PM and is filed under SELL - BUY, UPDATE. You can subscribe via RSS 2.0 feed to this post's comments. You can comment below, or link to this permanent URL from your own site.