Market news, views and information from a Wall Street veteran

Saturday, October 14, 2006

S&P500 Daily Analysis for Oct 13th



  • 1st time frame UP trend remains intact.
  • Large contraction in range raises some doubt about the viability of the current up swing.
  • Market closed with bulls keen, eager, in control and committed. Bears lost control during the day.
  • Triple MAs remain BULLISH.
  • MACD histogram remains BULLISH.
  • ST volatility trending up after making a cyclical trough - ST trending action. Watch for resistance area.
  • Volume continues to come off as new highs made - slightly bearish but no real cause for concern as volume only came off marginally.
  • Watch the support at the previous resistance area (marked in yellow on the chart) if the market comes off.
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