My Primary Sell Signal on the $SPX May Kick In Tomorrow - IF it's Another Down Day...

My Secondary Sell Signal was given today by the $SPX closing a fraction below the 5MA...The CCI downticked sharply today, and IF tomorrow is another down day, my Primary Sell Signal will be given when the CCI crosses below the +100 line...Today's candlestick was another Doji, though not a perfect one since the body is a bit on the large side, but the upper and lower wicks are of equal length...Volume was anemic today, and a down day on much stronger Volume would have been more convincing so that a call of another down day on Thursday would be much easier to call...Stochastics is still in Overbought territory near 90, and the fast line crossing down through the slow line today is somewhat Bearish...The MACD Histogram downticked for the second day in a row, and it's fast line leveled off for the first time in a week and a half...If tomorrow is another down day on higher Volume, my first target is down to the 15MA at 1089. and if that Support level fails the next target is the middle Bollinger Band at 1075. where it may find Support there...If the market rallies tomorrow, and the Index rises above Monday's intraday high Resistance level and looks like it will close there, the Bulls will be showing that they are in charge...See my notes on Fundamental Analysis below the chart...



Today's surprisingly negative Durable Goods Orders numbers and the weak Beige Book report from the Fed showed much more weakness in the economy than analysts expected...Analysts predicted that the Durable Goods number would come in a +1%, and it came in at -1%...

Orders for big-ticket goods fall 1 percent in June: http://tinyurl.com/34v5nlr

Dow ends 4-day win streak on Fed economic report: http://tinyurl.com/32f85rm

The Fed survey followed a disappointing Commerce Department durable goods orders report early in the day. Orders for durable goods, which are expected to last at least three years, fell 1 percent in June. Economists expected a 1 percent gain.

Investors have been trying in recent weeks to balance strong earnings and corporate outlooks with economic data that isn't as encouraging. A drop in consumer confidence Tuesday helped push stocks mostly lower although another batch of robust earnings reports came out.

Earnings reports were mixed Wednesday. Boeing Co. said its profit slipped from a year ago, but results still topped expectations. The airplane maker also didn't adjust its outlook.

Tomorrow's potential market moving events will be the weekly Jobless Claims number to be released an hour before the opening bell:

http://online.barrons.com/public/page/barrons_econoday.html

And a slew of earning reports from a number of Fortune 500 companies listed on the $SPX:



To see the full list of companies reporting earnings tomorrow, follow this link:

http://thestreet.ccbn.com/earning.asp?client=thestreet&date=20100429

Investors are really looking to the first read of the Gross Domestic Product (GDP) for the 2nd Quarter on Friday - an hour before the opening bell...If you recall, the first read of 1st Quarter GDP came in at 3.2%, the second read at 3.0%, and the final read settled at only 2.7%...

And it looks like the Consensus number for the first read of 2nd Quarter Real GDP will come in at 2.5%: (click on the "Consensus" button just below "GDP" on Friday's listings anytime before the report is released)

http://online.barrons.com/public/page/barrons_econoday.html