Adding this A.M. May 4th: http://www.ceridianindex.com/index.php
And I changed the date on the post from May 5th to May 3rd. Don’t ask. LOL
Even with the selling of the past few days, all the breadth indicators that I follow are just giving neutral readings as of today. In other news, everything either sitting on or perched within striking distance of the important 50MA. That will need to give way if the decline is really going to get underway, which I expect will happen soon enough.
Did get out of my UPRO Wednesday so I avoided today’s droppage.
$SPX closed at 1395.96 on March 13th, the first time $SPX closed above 1390 this year. Really nothing but churn since then.
I know that some of you who are visiting the site these past couple of weeks are new to the site. In order to understand how I’ve marked up the chart below, please refer to the “60 Minute Trading Strategy” tab at the top of the page.
Chart says it all. A bearish X of the 13EMA down through the 34EMA followed by a break of the lower rising trend line is a bona fide ‘sell’ signal. Been getting lots of those lately. The fact that the RSI just about tagged 30 near the end of the day suggests a bounce for tomorrow, though, unless you’re day trading, could be a high risk trade. I mean, who really wants to hold over the weekend these days?
Cash is king in times of uncertainty.
Stealth Distribution? I’m not really convinced yet, but I am warming to the concept.