$SPX Daily, 03/11/2014

SP:SPX   S&P 500 Index
152 5 2
One day below the rising wedge pattern shouldn't be seen as a bearish signal, although it is a concern. If $SPX             should close two days below the rising wedge pattern, then that would be a clear red flag signal, but even so, $SPX             could bounce and resume its uptrend without much trouble. In the meantime, it wouldn't be out of the question for $SPX             to pull back to the 20MA, now at 1849, and then bounce. This is pretty common occurrence so, at this stage, I would expect $SPX             to tag the 20MA and bounce. Should $SPX             drop to the 20MA and not bounce, then that's another story.

Longs need to be hypervigilant for the next several days and, IMHO             , they should pay close attention to market leaders, the QQQ/$NDX and the $COMPQ.

What do you think now?
CurtisM vitaly724
Vitaly, be careful. I believe we are just starting a major decline. And be aware that I can change my opinion at any time based on new information. For me, the key is going to be whether or not $SPX closes positive or negative for the month. I will put up a monthly chart over the weekend to explain this.
I think SPX will be in a horizontal or slightly down trading range for the next few weeks or months. This is to consolidate the gains it had for few years. As it happen,by following the hourly chart, we could trade on long and short. positions alternatively.
All three of those are rolling over. I don't like the action here. looking like the rally lost steam and may not make it to 1900 to complete. It was 90% complete already, so I'm not surprised. I will be adding to my shorts and trimming longs.
CurtisM SimGlenn
Glenn, I believe that when $NYSI begins to lose momentum as the market is moving higher, this is never a good thing.I think it's interesting that the $VIX 5EMA is nowhere near 12.5 as this suggests that perhaps some large players have been buying $VIX calls in anticipation of some kind of decline. Just speculation and the proof will be in the pudding.

Be careful & GL
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