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October 26, 2009 Major Resistance at the Gap |
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Update on the SPY's one year gap ... It was just a little over 1 year ago, October 3rd. of 2008, when the SPY gapped down sharply. That gapped remained open until October 15th when it was finally closed. That gap was also a major resistance level to reckon with. So, what has happened since October 15th? The SPY has NOT been able to move past the 109.68 level. As time moves on, the odds for moving past that level have been diminishing. Why? Because our C-RSI (market strength) has not only been negatively divergent, it has also been dropping lower. (Last Monday, we commented that "Negative divergences are warning signs" and that has NOT changed.) *** Feel free to share this page with others by using the "Send this Page to a Friend" link below.
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Marty Chenard StockTiming.com is dedicated to Stock Market Investors who want the best information on stock charts, stock market trends, stock market timing and technical analysis. Be My Guest and Take Advantage of Our Free Membership ... Get a Free Membership to StockTiming.com ... Youll receive important daily messages before the market opens and direct links to todays important web pages. Information and messages that are often not posted on our website. There is no obligation or expectation on our part ... it is just our way of proving our accuracy and timing expertise to you. Please click here for your Free Membership. Copyright © 2006-2009 Marty Chenard Image rendition and html coding Copyright © 2000-2009 SafeHaven.com ADVERTISEMENTS
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