From The Right Edge, Simple Swing Trades, Simple Trading, TrInvesting™

Simple Trading SPX As of 8 July 2015 Close – Is The Uptrend Over?

SPX Daily

SPX D 8 July 2015 Close

The SPX breached a much watched technical level today… the 200 Day EMA.  It also closed below it for the first time since late 2014.

SPX Weekly

SPX W 8 July 2015 Close

The weekly chart shows that the bottom of the Value Range is in jeopardy.

In terms of price levels to watch, I would keep an eye on 2,040 (a more recent support level), 2,000 (another psychologically important level) and the 1,965 to 1,980 range.  Even if price manages to breach each of these levels, be on the lookout for a sharp bounce not unlike the sharp pullback and launch in 2014.

Alternatively, if you consider the late June high around 2,125 a lower high and the price action here a lower low after having breached the 2,070-2,075 support level, you should wait for a retracement of this most recent down move before laying out shorts… to the extent you do that sort of thing…

Here are a few other reasons for bulls to sweat…


DJIA D 8 July 2015

Dow Jones Transports

DJ Transports D 8 July 2015


Russell 3000

Russell 3K D 8 July 2015

And a couple of reasons for bulls to be hopeful…

Nasdaq Composite

Nasqaq Composite D 8 July 2015

Russell 1000

Russell 1K D 8 July 2015

At any rate, as long as you keep your wits about you and your risk contained, you can enjoy these volatile days.  It’s where the best opportunity often lay for short term traders.


The Trader

P.S. Trading on the NYSE was suspended for better than 3 hours today… and the markets never skipped a beat.  The floor has been shedding bodies for years… I suspect that might accelerate going forward.

9 July 2015 Update:  Apparently others are thinking similar

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