S&P500 WEEKLY Analysis for Jan 12th
- 1st time frame up trend intact.
- Outside period denotes indecisiveness.
- The market closed with the bulls keen, in control and committed.
- The previous resistance area, marked dark red, acted as support once again this week. The resistance area, marked dark yellow, has been tested for the last five weeks. This area and the support area should be watched next week.
- Triple MAs remain BULLISH.
- MACD histogram has given a ST BULLISH signal.
- ST volatility is beginning to pick up momentum. Volatility may have formed a cyclical trough. This could lead to a significant break above the resistance area.
- he market has taken out the ST trend line – signifies a ST loss of momentum.
- Volume picked up nicely on a rallying week.
- 66% of socks are above their 4 week MA – BULLISH.
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