The Next Best Buy?
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Our partners FusionIQ state: “First Busey Corporation (BUSE) a multi-bank holding company that provides commercial, retail, and correspondent banking, as well as trust services, insurance service in Illinois scored a new FusionIQ Sell signal and broke down on above average volume. With the banks leading the move down BUSE shares may offer a nice short term short opportunity to play the market weakness profitably.” To learn how you can get an edge trading/investing with FusionIQ’s powerful platform, click here to watch my product review and take advantage of our special Wall St. Cheat Sheet 20% discount.
Corey Rosenbloom, the Technical Analysis Professor, has a hawk’s eye on Goldman Sachs (GS): “Goldman Sachs’ daily chart to note the overhead EMA resistance that is bearing down to form a potential Bearish Cradle Sell Signal.” (Source: Afraid to Trade)
Precision Capital Management submits: “We’re updating a SPY chart we posted here before, which shows VWAP anchored from various dates, including the October 2007 high, the March 2009 low, and some interim points in the rally. This Monday featured a successful test of VWAP anchored from the July 2009 breakout and yesterday broke above VWAP anchored from the October 2009 high. It looks like SPY wants to test long term VWAP anchored from the October 2007 high again. If it can successfully break above to new highs, there’s likely a long way to go in this rally. If it fails, we’ll probably see a more prolonged correction. For an explanation of anchored VWAP and other parts of the Paul Levine MIDAS Method (along with a free TradeStation indicator), visit our website.”
David Singer takes a look at the IYR real estate ETF as correlated to the SP 500 (SPX): “Likely due to the crash in real estate prices, which had preceded the precipitous decline in equity markets, the IYR was underperforming the S&P 500 into the summer of 2008. As fall rolled around, the IYR joined the S&P 500 and pretty much all equities and commodities in a waterfall decline. Since that time however, the IYR and S&P 500 have traveled in lock step with each other. Moreover, the head and shoulders bottom pattern in the IYR is slightly clearer that the one in the S&P 500 and in my opinion validates the existence of a true head and shoulders bottom in the S&P 500 that yields a price target of 1230. Both are on the verge of breaking through trend line support, but have yet to do so.” (Source: Singer$Market)
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Actually, there is an error in the text below my chart. As a reader pointed out, the S&P already broke threough its trendline, whereas IYR hasn’t. What I meant was S&P still has support around 1020, which is the neckline of a possible head and shoulders top, similar to the one that did not materialize from April to July, and ended up going higher…
Interestingly, if you look at Corey Rosenbloom’s GS chart, it is apparent that GS was trying to consolidate and form a similar pattern to that formed in the April to July range but it could not and now has broken lower than what would have been “neckline support” had an H&S formed around the 175-180 level. Plus, as he points out the 20 and 50 EMA are providing resistance.
Could this be an indication as to whether the S&P will head lower under the 1020 level?
Maybe??