S&P500 Weekly Analysis for Feb 16th 2007
- 1st time frame up trend intact.
- The market closed with the bulls keen, in control and committed.
- Outside period suggests some indecision.
- The previous resistance area, marked dark yellow, held as support again last week. This area may be re-tested again next week. Watch it closely again next week. The support area, marked dark red, should also be watched if the market breaks out to the down side.
- Triple MAs remain BULLISH.
- MACD histogram has changed to ST BULLISH.
- Momentum in ST volatility has begun to pick up again and will approach an area of resistance again. The current up swing may develop further if this area is taken out.
- Volume came off last week and is lower than on the previous upswing high – volume divergence – this fails to support further development of the current swing.
- 77% of socks are above their 4 week MA but watch for a bearish cross below 70% – ST BULLISH
Labels: SP500, SP500 weekly analysis
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