Monday, January 16th, 2017

Market closes with a Doji


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SPX has been up gapping up and than fading each day. It has not been able to break above the 50 day moving average in the last 2 sessions, and there are 2 topping tails on the charts as you can see. These moves are not very bullish as the price is still below the 50 day moving average and hanging below with each days fades. If it fails to take out the 50 day moving average in next few sessions it will most likely follow the downward channel which is still intact and it will do what we have been seeing since May 2013.

RUT Meanwhile is the strongest of all three indexes and holding up pretty well above its 50 day and 21 day moving averages.

The stock market action is much different in individual names however. AAPL has managed to break above 420 line and came back up from 400 levels. This has been quite a ride. GOOG meanwhile has managed to stay above its 50 day line as funds are holding the stock for now. LNKD is still forming an upper level base and it is at the top of the channel.

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