S&P500 Daily Analysis for Feb 12th
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- 1st time frame down trend..
- The market closed with the bears keen and having moderate control but having lost some of the commitment they had earlier in the day.
- Range has contracted significantly denoting a lack of eagerness from the bears.
- The previous very strong resistance area, marked in orange, may now become an area of support. This area is very important to the short term future of this market. Watch the support areas marked in light pink and dark yellow if this area is breached to the downside.
- Triple MAs are NEUTRAL.
- MACD histogram is ST bearish.
- ST volatility is very close to ST resistance, marked bright green.We could see the current down swing stall or even retrace somewhat if the area holds. If the resistance in volatility doesn't hold, then we would expect the support areas in price action to be approached fairly quickly.
- Volume has come off with price action - nothing unusual here.
Labels: SP500, SP500 daily analysis
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