S&P 500 Technicals Keep Deteriorating

by Olivier on August 24, 2010

Technicals with the S&P 500 have now further deteriorated and market personality is still bearish since it started changing. The MA 200 has been tested a few times and is now starting to become solid resistance. A few stocks on my list that are displaying negative technical signs:

Sure enough the Coffee Sector and Corn Sector started to break down today after I recently added the sector overview charts to my public list. Judging from the market’s past weeks action we will go back and forth and continue to churn.

Keep in mind that in addition to corrective moves measured percentage wise, markets also need time, an often overlooked component, to correct or build pressure. My take on the market is still the same, sometimes the best way to deal with the market is not to deal with it.

It is a great piece of skill to know how to guide your luck even while waiting for it. – Baltasar Gracian

My public list with all my charts can be viewed here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2791469

Buenas noches!

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