Stock Market SPX Triggers Sell Signal
Stock Markets 2015Aug 03, 2015 – 05:43 PM GMT
SPX has now crossed below both the 50-day Moving Average and the 2-hour mid-Cycle support at 2097.72. SPX is back on an aggressive sell that becomes a confirmed sell below the 200-day Moving Average at 2069.43.
TYX/TNX both appear to have finished their declines for the time being, or nearly so.
ZeroHedge reports, “The carnage is contagious. The S&P 500 just broke down below its 50- and 100-day moving averages unable to hold the ubiquitous pre-EU-close ramp highs. Treasury yields have plunged since the weak spending and ISM data with the 5Y breaking below its 200-day moving average and 30Y yields testing 3-month lows…”
There is a potential Head & Shoulders formation forming, once the reversal is made. First, it appears that a retracement back to the 50-day Moving Average at 30.44 may be necessary.
VIX is moving out of its Friday low. It appears capable of exceeding its 50-day Moving Average at 14.24 for an SPX sell signal today.
The Hi-Lo is back on its sell signal, having exceeded its 50-day Moving Average at -69.10.
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