Stock Market Decline Resumes
Stock Markets 2013Dec 11, 2013 – 03:58 PM GMT
VIX has lifted above its 50-day moving average at 14.23 and its mid-Cycle support/resistance at 14.43. The sell signal is re-confirmed.
SPX dropped beneath Short-term support at 1801.30 and its hourly mid-Cycle support at 1797.49. The decline appears capable of continuing to Cycle Bottom support at 1779.96, or possibly lower.
There is no compelling reason for another bounce at the Head & Shoulders neckline, but the double Model supports suggest it may be so.
You will notice the 50-day moving average at 1755.49 at the bottom right of the chart. The Head & Shoulders minimum target is beneath it. The decline is ratcheting up its speed, so the exciting part begins.
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