Yesterday I posted charts with exponential moving averages, today, I have both simple and exponential 200 day averages, as they bith seem to be coming into play. Unfortunately, on the SPX, we can;t really tell which one is in play, as today the simple 50 crossed the exponential 200, and price stopped dead right there. So we will have to wait to see if we get rejected by the 50, or go up to test the simple 200. Damn, this is getting complicated. At least we did get some volume today, and may see more as earnings season progresses. So far, so good, as first AA an next INTC both posted beats.
The Nasdaq is getting it's death cross of the simple averages now, and that stopped price today. I thought the top of the gap, along with the 200dema, would be stiff resistance, but not a chance, it blew right through it today. We have the descending 50 and trend line to contend with now, but volume is one the way up, and with INTC, up 7% after hours, is any indication, this will probably make mincemeat of those barriers as well.
I will have the new highs update shortly.