How has Friday's sell off in the cash S&P500 affected our technical work? Let's first examine the weekly chart (see above). The combo 13 which printed on 12/31/10 was associated with the setup 9 posted on 4/16/10 and negated yesterday when we made a low above the associated risk level of 1273.72. This negation made the setup of 11/5/10 the new active setup. It had its own combo 13 print on 1/14/11. This is now the active combo signal and has a risk level of 1324.3.
The other development on Friday of importance is that the beta - x trendline has been broken. This means that an actual "sell" signal will be generated with a weekly price flip; a close less than the close four price bars earlier - 1271.50.
I will take a look at either the daily or monthly chart on Tuesday.
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