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Dr. Kris
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Dr. Kris hails from the land o' lakes, beer, bratwurst, and Bucky Badger. She traded in her cheese hat for a propeller beanie and has never looked back. She has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her... More
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  • Intraday Market Notes & Observations - June 12 0 comments
    Jun 12, 2012 3:06 PM

    2:25 pm ET: Today's mid-morning rally is losing steam as buying pressure eases. Although the bulls are in control for the moment, the macro technical situation is painting a different picture.

    The chart of the SPX below is looking rather gloomy. It's clear that the index has been caught in a downward channel comprised of a series of lower lows and lower highs. This pattern type typically has four to five distinct legs; here, only three have developed which leads us technicians to believe there's more downside in store.

    This bearish position is further strengthened by that fact that the 50 dma (50 day moving average) has just crossed below the 100 dma, another negative sign. Looking back at this event behavior over the past five years shows that this 50/100 crossover has led to either more downside or to choppy (meaning volatile) market action at the very least. Until this crossover reverses itself, conservative investors should refrain from taking full positions. Just this technician's humble opinion...

    (click to enlarge)

    Themes: S P 500 Index
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  • Intraday support/resistance: $SPX 1637/1652, $DTX 632.6/641.4, $DJIA 15200/15330, Nasdaq 3429/3466, $RUT 974/985; $VIX 14.3/14.8
    1 day ago
  • MSN Money bear saying Smart Money exiting market: http://on-msn.com/1980tEU
    2 days ago
  • Intraday support/resistance: $SPX 1635.5/1658.5, $DTX 634/644, $DJIA 15180/15360, Nasdaq 3423/3472, $RUT 971/986; $VIX 13.8/15.1
    2 days ago
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