2012 November 09 - Close

GOOG closed at resistance, so I'm excited to see how it looks on Monday.  With increasing talk of the fiscal cliff and other polcy, there has been a move out of stocks and into cash.  Gold (GLD) is moving nicely, as it acts as a hedge against inflation.

Here are some key things I'm looking at right now:

30 minute average volume on JPM is roughly 1.88 million right now.   Most everything has been trending down on good volume, so my goal is not to get stuck trying to hope for an upswing in the market. Everything is bearish, as it is under the 30 Day MA line.

The S&P 500 Bullish Percent index has dropped below 70, which means that it would be prudent to store cash away until the markets hit a soft spot.  The last time we were at this level, markets continued downward and the dollar had a nice move up.

Finally, on Google, check out the PnF chart to show support and resistance.  GOOG has been at this level before.  It appears to have stopped at support, but technically it is on a sell signal.  If Google doesn't open higher or if it doesn't get support at this level, the next move down is to the $640-645 level.