Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Some changes in the atmosphere today – this was the first break of the 10 day moving average on the close ALL year. As noted this morning even healthy markets check back to that 20 day every few weeks. Further this is the third session in four the afternoon dip buyers did not show up – they have been evident almost every day this year.
Last I was mentioning last week how the market had respected the 50 period moving average on the 30 minute chart all year, but finally broke below it on a closing basis Wednesday and Thursday. Of course that led to a gap up Friday and egg on he face, but today the S&P gapped down below it and never had a bid all day. Chart below is the last two weeks from a 30 min perspective. So we’ll see if that can continue to be a good marker.
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