Market news, views and information from a Wall Street veteran

Saturday, January 27, 2007

S&P500 WEEKLY Analysis for Jan 26th



  • 53% (64% prev) of stocks closed above their 4 week MA – ST BEARISH.
  • 80% (84% prev) of stocks closed above their 30 week MA - MT NEUTRAL.
  • 79% (79% prev) of stocks closed above their 52 week MA - LT BULLISH.
  • 1st time frame up trend intact but outside period denotes indecision.
  • The market closed with the bears keen, showing moderate control but losing commitment following a significant loss of commitment from the bulls earlier in the week.
  • The resistance area, marked dark yellow, was tested for the seventh week in succession. This area is extremely important. Market action could potentially explode if this area is broken to the upside. Once again, this area and the support area, marked dark red, should be watched next week.
  • Triple MAs remain BULLISH.
  • MACD histogram has changed to ST BEARISH.
  • ST volatility has lost momentum, as suggested last week. The close-by resistance in ST volatility held. There is a possibility that volatility could stall for a short period. If that is the case, we could see ST consolidation or a re-test of the support area.
  • Volume was slightly greater than on the previous upswing high – no volume divergence.
  • 53% of socks are above their 4 week MA – ST BEARISH.

Labels: , ,

posted by Equities Analyst at 1:17 AM

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.

Locations of visitors to this page