S&P500 WEEKLY Analysis for Jan 19th
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- 1st time frame up trend intact.
- Japanese candlestick doji denotes indecisiveness.
- The market closed with neither the bulls nor bears keen, in control or committed.
- The resistance area, marked dark yellow, has been tested for the for the sixth week in succession. This area is extremely important. Market action could potentially explode if this area is broken to the upside. This area and the support area, marked dark red, should be watched next week.
- Triple MAs remain BULLISH.
- MACD histogram remains ST BULLISH.
- ST volatility continues to build momentum. There is close-by resistance in ST volatility. There is a possibility that volatility could stall for a short period. An upside break of resistance in volatility, combined with and upside break of resistance in price action, would be significant.
- The market has taken out the ST trend line – signifies a ST loss of momentum.
- Volume has come off as the 1st time frame up trend continued – not bullish.
- 64% of socks are above their 4 week MA – BULLISH.
Labels: SP500, SP500 weekly analysis, Weekly analysis
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