Market news, views and information from a Wall Street veteran
Monday, June 05, 2006
S*P 500 Weekly Analysis
CG is DOWN in the ST and MT TFs but UP in the LT.
Weekly CG is in the Distribution Phase (C4).
The skew remains BEARISH but continued to lose momentum.
RSI of ST volatility has formed a cyclical peak in the OB zone => volatility has decelerated and price action reverted back to the mean => ST pullback to continue or congestion.
60% of stocks are above their 4week MAs => ST BULLISH.
57% of stocks are above their 30week MAs and trend is up => MT BULLISH.
Pivot point buy signal
Change of 1st FT trend to UP with bulls showing signs of commitment but not as keen as last week.
While the CG skew remains bearish, the majority of evidence supports continuation of the current up swing.
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