Market news, views and information from a Wall Street veteran
Wednesday, October 25, 2006
S&P500 Daily Analysis for Oct 25th
1st time frame UPtrend remains intact.
Nice range expansion validates the current up swing.
The market closed with the bulls keen, eager, in control and committed.
Watch the former resistance area, marked in yellow, as potential support if the market comes off. The support area, marked in orange, below it, should also be watched.
Triple MAs remain BULLISH.
MACD histogram remains bullish.
ST volatility is still trending up - continues ST trending action. The marked resistance areas will come into play within the next few days. The market may either come off or consolidate if these areas are successfully tested as resistance.
Volume has increased only moderately - as new swing highs are made. How strong are the bulls pushing this market along ? It's definitely not bearish.
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