Cautionary signals appear.
The 50-day SMA is moving down from its high in June.
Price has fallen below 50-day SMA four times since beginning of year.
Sixteen trading days ago technical sell signals began to show up on the S&P 500 Index.
Price falls below 50-day simple moving average (again).
RSI (relative strength Index) falls below 50.
A couple of days later the price does not find support at the 200-day SMA as it did in June.
Price breaks below Head and Shoulder formation base.
(My opinion - Time to hedge or begin scaling to safety)
MACD lines are both heading down and a break below its zero line.
Volume is increasing on the way down.
Support in the 1260 area is broken.
(My opinion - Time to hedge some more or sell equities)
This is just my read on the market action and not a recommendation to buy or sell.
Comments
Thank you. And, yes; a bit smelly at this point, eh?
Regards,
Catch