Stock Market Supports Broken :: The Market Oracle :: Financial …

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Stock Market Supports Broken

Stock Markets 2014May 07, 2014 – 08:47 AM GMT

After several attempts, SPX broke through its Short-term support at 1876.07 and is headed for its combined Intermediate-term and 50-day Moving Average at 1864.91. It has passed through that area so many times it is a wonder whether it may even stop.

NDX has now broken through both Intermediate-term support at 3580.91 and Short-term support at 3570.63. The next support is mid-Cycle support at 3547.60, where it may bounce. Beneath that support is a lot of air and NDX may go to 3414.00 before finding any additional support. That is the Head & Shoulders neckline (not shown in the hourly chart).

VIX has not yet broken above its critical resistance levels. I anticipate that a break of the 50-day Moving Average in the SPX will also bring the VIX above its 50-day at 14.40.

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.

Anthony M. Cherniawski

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