Stocks Sold Off A Bit This Week

I've been slammed with my lawyer work this week and haven't had much time to follow the markets. Today, I pulled up an hourly chart of the S&P 500 to get a feel for what the price action has been and selling has been the name of the game this week. My TLT Trender v2 registered a "sell short" signal at the beginning of the week on the hourly chart and here it is:As you can see, the TLT Trender had a good sell signal for this week...wish I'd of been around to trade it...oh well. I did manage to trim my long positions a little because one stock that I was holding (OMN) hit a stop loss and now I'm waiting to see what the market will do.

The daily chart of the S&P shows that we're still in buy mode according to my system and the stochastics is heading towards an oversold level...maybe a good point to buy little. Here's the chart:The market was probably due for a little pullback and now we'll have to be patient and look for clues as to what will likely come from the pullback. Will the dip buyers step up and buy or will the overall market panic and keep selling? Who knows. One level to watch is the $975-980 support in the S&P...longs do not want that level to be taken out.

Hope everyone's having a good week and I'll be back with something tomorrow.

TLT