23 Nov 2015 - It Wasn't A Hard On After All

This morning, the thought of the markets being up on the merger of Pfizer and Allergan got me thinking Viagra instead of Botox.  Well I guess, there was no hard-on after all, just a slight lift is all.  I guess we need a few more shots of Botox for the indexes since we have been lingering in the red for much of the day.  The ST is still bullish and have hit that annoying Gann angle I have been showing for the past month.  Perhaps it is telling me that this line represents a significant resistance support pivot.

On an intra-day basis, the 200 and 75 moving averages is close to turning bearish which you can see below in the 60 min. chart which is also the range the 200 Day MA resides.  This will be a challenge for the bears to breakdown for sure.  If we do have the lower trendline support (Blue Dotted) for prices we should look for the signal in the 60 Min. chart to turn up before a long position can be placed.  A breakdown of that trendline could have us revisit under that as a resistance via a rally.

SEN: Bearish
ST: UP
PA: NA