Spx Weekly Chart - Major Update

The SPX has not been performing very well in recent weeks. This week, was also a downer!

As you can see on the charts we have been in a bearish rising wedge, and RSI and Stochastics on the weekly are saying things are getting close to a bottom, but it looks like we are not quite there just yet.

Since Obama has been back in, all the market has been doing is dropping. Maybe to teach him a lesson? It doesn't matter, the news and politics mean nothing and we will follow the charts and see how they develop in the next week.

The market breadth A50R is also saying things are getting close to being oversold, it is evident  that we are not at the exact point just yet.




Please Note: Monday is a US Holiday; Veteran's Day / Bonds are closed / Stocks are open

Have a great weekend :-)

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Nasdaq Chart

Well looks like Obama is back in there is no surprises there, many people are taking their shirts off, getting drunk and celebrating, however they are forgetting 1 simple thing. Obama has done nothing to save the day, and noone, I repeat! NO ONE is better off then they were 4 years ago.

This man has rocks in his head if he thinks he can solve the current economic crisis. Anyway, I am on a rant so lets go over and take a look at the markets today.

The nasdaq chart shows a nice downwards channel. We have been inside this for many weeks now, and we will remain inside this until we break the upper falling resistance line at about the 2700 level.

I loved how yesterday they celebrated OBAMA getting back in, and then swiftly took out all the stops and back down we went. Classic manipulation at its finest. Maybe they were sending a message to obama, I don't know but it was very choppy.

Now we get to see if this was just a one day event or we head back down. If we go under 1380 on SPX that would spell real trouble. But for now we wait and see.

Nasdaq chart

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The re-election Trade

I listen to the FFT guy at http://www.forecastfortomorrow.com and he is 100% accurate with his previous US election calls. He is calling for Obama to win the re-election on TUESDAY which is only hours away.

Another 4 years of Obama coming? well, I bet you are excited! ha ha. :P

Note: Election day in the United States. Markets tend to live and die with every exit pole that gets announced in the open.  So make sure you take care!

There are also big rumors at the moment, that A Deutsche Bank bought massive S&P contracts a day or so ago. That does not normally happen for no reason! Hmmmmm Very interesting!!!



It seems the market is still up and down like a yo yo. But still finding support for now.

Its seems the hourly chart on the nasdaq is still oversold, so that could help lift the market in the next day or so, while the elections sort themselves out and we see if Obama can get back in. 

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