Is top on 9/23/09 an important top?

johnli

Is  the top on 9/23/09 just a short term top or it's an intermediate top?
My view is that the top (2167 for Nasadq and 1080 for $SPX) has higher chance to be an intermediate term top. Why?
1. The NASI and NYSI charts are showing they are very close to issue a new sell signal.
2. And $VIX broke above its 20MA/20EMA, which is bearish to stock market and signals more downside to go.
3. After $SPX finished testing its long term downtrend line at 1080 on 9/23/09, the downside move has been impulsive.

Friday, $SPX tested its daily 20MA/20EMA, and tested the upper limit of the support area 1041 to 1035, which is the breakout point .If market doesn't bounce from here Monday, 1035 should provide some support to initiate the bounce. But  the bounce could be short-lived.  2120 of Nasdaq and 1057-1062 of $SPX could provide strong resistance.  If 1057 to 1062 of $SPX and 2120 of Nasadq are broke above during upcoming bounce, my intermediate term breaish view would be challenged.

If you are interested in seeing more charts related to this post, please visit my bog at
http://stocktrendtradingsystems.blogspot.com

lwmm

good analysis.

bucks

temujin

thanks

trender

Thanks a lot.

stringzero

ding

xz214

Paul

Ding!

palm

thanks.

johnli

From today's big selloff, my top call proved to be true.
On 9/20, I warned the coming of important top.
On 9/27, I warned the top could be in on 9/23/09.
But, unfortunately, not many people paid attendtion to my post.

X!nG

From today's big selloff, my top call proved to be true.
On 9/20, I warned the coming of important top.
On 9/27, I warned the top could be in on 9/23/09.
But, unfortunately, not many people paid a ...
johnli 发表于 2009-10-2 02:40

Thank you for this great post.