Critical Index Support Points : CHARTS
May 16, 2011 3:32 pm
Here is the latest update. The Russell 2000 looks like it has rolled into a correction. We have a short position on as a hedge for TDI client portfolios.
The DJIA still is showing up very strong as industrials have been taking the weak dollar and turning it into profits. The S&P 500 is close to getting itself into a downtrend as is the NASDAQ. Clearly there is a good amount of distribution within most markets and the underlying stocks have seen a some damage done to their charts.
Check out the trend on each index…