29.28:1 Down / Up Volume Ratio. This is the first Major Distribution Day in 2009. Combined with the completion of a bearish pattern, this does not look good for the panic lows of 2008.
Hood River Trader put up some excellent charts in Trending Lower that discuss a similar bearish situation, broken down by sector.
Posts
Friday: No Major Economic Releases
4 hours ago
9 comments:
we hit 812 support today....do we drop from here or bounce? i think we close above 812 today and have a small rally before we come back and break thru to 600 on the sp500.....at least i hope so as i need to reload srs/eev/faz....!
Ben
Thanks for the link, had a lot of new readers today. I've actually been visiting your blog for a while, good stuff.
Scott (HR Trader)
Excellent call on the bear wedge and no doubt we will take out the low eventually, but could you have been a bit early ? Friday looks as is if we could have a strong rally lasting a few days now, possibly to 990 on the SPX even. Yesterday's support was there for a number of reasons.
A bunch of resistances to get through on the way though.
Obama must have his honeymoon !
BTW, good work Scott, and thanks for the intro, Ben.
Josh
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