Monday stayed true to its previous years' date form and the indexes fell in decisive manner.
SPY/ QQQ/ DIA/$NYMO - sell signal
SPY 30 min - buy signal
SPY 60 min - v close to buy signal but could be reset if another dip happens
NYA 60 min - v close to buy signal but also on edge of breakdown out of consolidation zone
We could get a bounce but leaning towards retesting a full retrace of 197.6 in SPY before a meaningful bounce. The recent FOMC buy signal was invalidated as we retraced into previous territory and fell out of the upward channel. In addition, extreme movements outside of the Bollinger are usually at minimum 2 day events (sometimes not consecutive) against the previous trend.
Long-term outlook: Bullish
Intermediate-term outlook: Bullish
Short-term outlook: Bearish
Monday, September 22, 2014
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