{"id":2394,"date":"2010-08-17T03:08:51","date_gmt":"2010-08-17T07:08:51","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=2394"},"modified":"2010-08-17T05:23:05","modified_gmt":"2010-08-17T09:23:05","slug":"sp500-slide-slows","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2010\/08\/17\/sp500-slide-slows\/","title":{"rendered":"S&P 500’s Slide Slows Amidst A Sludge of Apathy"},"content":{"rendered":"

After tumbling hard last week out of severely overbought conditions<\/a> (T2108<\/a> is now at a comfortably neutral 55%), the S&P 500’s slide has slowed against what looks like a sludge of apathy. Volume has quickly dried up since last Wednesday’s 2.8% loss and now stochastics suggest the S&P 500 is oversold. I suspect the stock market could rally simply because it becomes the path of least resistance as sellers continue to digest last week’s drama.<\/p>\n


\n
\"S&P<\/a>
S&P 500 looks short-term oversold<\/figcaption><\/figure>
\n<\/center><\/p>\n

No quick technical review is complete these days without checking in on what Intel (INTC) is doing. The stock continues to stick to the bearish script<\/a>. It is now back below the old downtrend and has essentially retested the July lows. Given the action since earnings, I continue to expect these lows will break sooner than later – I do not believe in triple bottoms<\/a>.<\/p>\n


\n
\"Consistent<\/a>
Consistent support around $19 looks ready to break sooner than later<\/figcaption><\/figure>
\n*All charts created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

It is tempting now to declare so goes INTC, so goes the market. However, as I have pointed out before, INTC topped out within a year of the start of the last bull market<\/a>. So, at most, INTC’s decline is indicative of a malaise spreading throughout the semiconductor space. For example, Applied Material (AMAT) is reaching support created last summer. The stock is down around 20% for the year.<\/p>\n

Given the spreading deflation fears, soaring bond prices, and sinking stock valuations, I suspect there will be plenty of moments ahead where contrarians and value-seekers will send the market on rallies in a frantic effort to scoop up “bargains.” If past volume is any indication, these buyers remain a very small, specialized, and distinct niche component of the market.<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long SSO puts, long SSO calls<\/p>\n","protected":false},"excerpt":{"rendered":"

After tumbling hard last week out of severely overbought conditions (T2108 is now at a comfortably neutral 55%), the S&P 500’s slide has slowed against what looks like a sludge of apathy. Volume has quickly dried up since last Wednesday’s 2.8% loss and now stochastics suggest the S&P 500 is oversold. I suspect the stock … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[62],"tags":[412,411,222,221,65,1597],"class_list":["post-2394","post","type-post","status-publish","format-standard","hentry","category-technical-analysis","tag-amat","tag-applied-material","tag-intc","tag-intel","tag-sp-500","tag-technical-analysis"],"yoast_head":"\nS&P 500's Slide Slows Amidst A Sludge of Apathy - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/08\/17\/sp500-slide-slows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P 500's Slide Slows Amidst A Sludge of Apathy - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"After tumbling hard last week out of severely overbought conditions (T2108 is now at a comfortably neutral 55%), the S&P 500’s slide has slowed against what looks like a sludge of apathy. 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