Market news, views and information from a Wall Street veteran
Wednesday, October 11, 2006
S&P500 Daily Analysis for Oct 11th
New 1st time frame down trend.
Bears closed the day keener but lacked the control and commitment to close near the lows. Neither bulls nor bears had control at the end of the trading day.
Triple MAs have changes to NEUTRAL. Traders should consider taking some profits or raising stops.
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 continued up on a moderately bearish to neutral day.
Once again there was upside price rejection from the support area (marked in yellow on the chart). This area must be watched closely because a downside break could be quite significant for this market.
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