|S&P 500 - End of Day - 10 April 2012|
Our final line for last weekend's post (click) was a cheeky 'Time to Bear it'
We also suggested that if the Moving VWAP was compromised on the EOD, the index would head for the 'white' week channel's bottom line.
Precisely what has happened, as one can see from the chart.
In other news...
On the Ichimoku Study we made last weekend (click), the EOD screen sees the Kijun Sen (blue line) Cross which is a Weak Bearish Signal.
EOD also has a Chikou Span (purple line) Cross which has the same property as the Kijun Sen cross, price being above the Kumo for both.
Price is currently in the Kumo on EOD, as you would have seen by now.
The markets are rebounding even as we post this one.
Bulls need to cross above the 35 MVWAP (SP500 study) on the EOD and get above the Kumo (DJI Study) while they are at it..
..else one has to keep 'bearing it'