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Technical Update: Friday Fireworks!

  • Written by Syndicated Publisher No Comments Comments
    November 26, 2011

    For an abbreviated US equity session that was actually pretty exciting today. Early morning weakness was met with opening bell strength and then a reversal into the close. The ES (SPX futures) once again was the tail trying to wag the dog. In other words if you can get the ES to move perhaps every other asset class will follow in sympathy.

    Interesting to note though that strategy is simply  not working in this market. Into the close RUT (Russell 2000) was down 1.1% while the ES down .6%. In fact the RUT put in a major reversal candle today closing on the lows.  Few other notables then some charts.

    Apple (AAPL) closed below the 200MA today.

    Vix was up 1.5% and sitting right on the upper end of the narrowing wedge which should break either way on Monday.

    Gold down .9%, Silver down 2.7% as it appears the cash raising trade is still on.

    Treasuries did selloff today with the 10 year up 8bp to 1.96% and 30 year up 10bp to 2.92%.

    Financials gave up all of their gains today closing on the lows.

    Below are a number of daily charts to highlight the various multiple patterns that have failed over the past few days. Patterns many longs have watched with anticipation of a break to the upside.

    Mid Cap 400 (MID)

    Russell 2000 (RUT)

    SPX

    VIX

    Images: Flickr (licence attribution)

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