SPX Daily Chart New 2013 Intraday and Closing Highs
This chart shows the ongoing soap opera with new highs. The previous all-time closing high at 1565.15 was taken out last Thursday before the Easter recess as the wine was flowing like water. Yesterday is the red down candlestick. Today all of yesterday's losses are easily recovered and the SPX prints a new all-time closing high and new 2013 closing high at 1570.25 and new 2013 intraday high at 1573.66. The all-time intraday high at 1576.09, however, remains in place. Those are the three numbers to watch to gauge who is winning moving forward. Note the critical support at 1562.50 which should create a 5 to 10-handle drop if lost. The 20-day MA at 1555.28 needs tested. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Russell 2000 has outperformed the SPX since QE started. This is where Ben wanted your money to go. IMO it is where you will see the first tiny bubbles bursting. RUT was down .48% today when CNBC was flashing the ticker about how far away the SPX was way from all time highs. Not a good omen. I have both eyes on it but I'm waiting until later this week to see what happens within the Eurozone and Japan. Wouldn't it be a great story to tell your grandkids about being able to short at the top of the market?
ReplyDeleteJeff, you must be a mind-reader, Keystone was working on the RUT chart as you posted this message. The small caps are likely to lead lower. The new trend of lower lows and lower highs is interesting with the $RUT and $TRAN.
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