Tuesday, June 16, 2009
Above chart is a Daily SPX showing rally up from early March lows and embedded with the Blue Wave Trend Signals. What I see is a new Blue Wave Sell Signal today at 920.49 together with prices just barely breaking the three-month long Trend Regression Channel up from those March lows.
We are coming up onto the final 120 minutes of trading for Tuesday. As I mentioned before, there has been significant buying coming into the market late in the trading days supporting prices. The market is just now popping off of today's lows, so maybe it is beginning early today.
But, if this phenomenon does not materialize and/or prices cleanly break below the three-month long trend regression channel, look out below.