mbslack1

Daily reversals

FX:SPX500   S&P 500 Index
31 0 0
Simple reversals amid convergence of trend lines ( trend lines getting closer together)
often provide short term buy and sell signals. Not depicted, but evident, is the loss of momentum
on rallies, lack of market breadth on rallies.

Fundamental micro does not support this market going higher so "bad data" can spark
big sell-offs. Durable Goods Orders missed by a wide margin this morning and previous
months were revised sharply lower but futures were already off 100 points or so because
Chinese data overnight suggested that demand FROM and WITHIN China is waning.

Also note same reversals exist on weekly charts.

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