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Stock Market SPX Sell Signals Confirmed

Stock-Markets / Stock Markets 2013 Feb 05, 2013 - 10:39 AM GMT

The sell signal in SPX is now confirmed. This Broadening Wedge has an average target of 1200.00. I expect to see a minimum 30 point drop from here. Very likely the decline will take SPX to its Intermediate-term support at 1460.14 or to the hourly Cycle Bottom at 1458.34. Both of these supports are rising quickly, so we’ll have to keep that in mind as the SPX probes for its next bottom.

The VIX has also broken to the upside, confirming its buy signal. Intermediate-term resistance and 50-day moving average resistance are very close, so we may see a gap up through both at the open tomorrow.

Good luck and good trading!

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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