Good morning. Happy Friday.
So after all that it looks like all the market could manage was a single up day. The SPX got rejected by resistance yesterday and has now fallen 8 of 9 days. Here’s the 30-min chart.
It now looks like the SPX is forming a bear flag on the daily. The move from 825 to 750 projects a move to 675. Chart below.
Barring a solid move up today, the market will close down for the week and month. Both Jan and Feb have been down months, and so far, 7 of the 8 weeks to start the new year have been down.
Yesterday I stated if the SPX couldn’t take out 800, the market is weaker than I thought. That seems to be the case. It’s do or die time. The bulls must step up right now or the next leg down will be under way.
Unfortunately the VIX is nowhere near a level that would suggest fear is rampant and a bounce imminent.
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