Market news, views and information from a Wall Street veteran
Wednesday, October 11, 2006
S&P500 Daily Analysis for Oct 10th
New 1st time frame up trend.
Bulls closed the day keen, in control and committed.
Triple MAs remain BULLISH.
MACD histogram continues down from above the zero line - no buy signal , yet.
ST volatility coming off - reflects the current ST congestion but look for volatility to pick up after this cyclical trough. This will result in trending action, most likely to the upside.
Volume has picked up in a fairly bullish market.
The resistance (marked in blue on the chart) needs to be taken out convincingly in the next day or two for this market to go on with it. Interestingly, the market could not CLOSE above the resistance.
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