Stock Market Stays Below 13MA

I like to look at the market close-up sometimes.  Just gives me an interesting perspective.  Patterns show up, recent support resistance, bar range.  It’s like reading one of those large print books — you’d have to be blind to miss it.

Anyway, here’s what I see now…

First, a bear flag.  No disputing this one.  Bear flag below the 13 MA, bad for business as far as I’m concerned.  The way these guys work is they usually continue in the direction they started — so this would be down.

Next, looks like we haven’t close outside the lower part of the month’s opening range.  Good thing?  Sort of.

At the bare minimum, these areas give us action points, and that’s what you want when you’re trading.  You don’t want to be sitting there looking dumb while your market sinks lower and lower.  You want to know where you’re taking action.  I have already taken action.  I’ve put a halt on new buying.  If anything I would see the 1172 zone as a last ditch get out of the freaking market zone.  Like one of those 80′s horror movies when you’re screaming “Get out of the house!”, that’s what I’ll be doing if the market moves past that level.  LOL.

Until next time…The Market Is Yours!

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