Market news, views and information from a Wall Street veteran
Monday, October 09, 2006
S&P500 Daily Analysis for Oct 9th
Inside day raises doubt about viability of current down swing.
Japanese Candlestick Spinning Top pattern - denotes indecision in the market.
Bears closed the day slightly keener but they lost some of the control and commitment they had earlier in the day.
Triple MAs remain BULLISH.
MACD histogram continues down from above the zero line - reflects the current ST pullback.
ST volatility coming off - reflects the current ST congestion/small pullback.
Volume coming off as down swing develops - this is quite normal.
Upside price rejection from former resistance area (marked in yellow on chart). This area is significant for this market in the short term, so market action near this area should be watched closely.
Disclaimer
Terms and Conditions of Use
The information contained in this publication has been prepared with all reasonable care from sources, which we believe are reliable. The author accepts no responsibility or liability for any errors or omissions or misstatements however caused. Under no circumstances and in no event shall the author of this site liable for direct, indirect, or incidental damages resulting from the use of the information.
The author of this site may have positions in securities mentioned herein. Any opinions, forecasts or recommendations reflect our judgement and assumptions at the date of publication and may change without notice. This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. We are not aware that any recipient intends to rely on this publication or of the manner in which the recipient intends to use it. In issuing this publication it is not possible to take into account the investment objectives, financial situation or particular needs of any recipient. Investors should obtain financial advice to determine whether recommendations in this publication are appropriate to their investment objectives, financial situation or particular needs before acting on such recommendations.
The author may from time to time hold positions in any securities included on this site and may buy or sell such securities or engage in other transactions involving such securities.
<< Home