S&P500 Weekly Analysis for Feb 9th 2007
- 1st time frame up trend intact.
- The market closed with the bears keen, showing moderate control and some weak commitment.
- The previous resistance area, marked dark yellow, has now held as support. This area is important. This area may be re-tested early next week, so watch it closely. The support area, marked dark red, should also be watched id the market breaks out to the down side.
- Triple MAs remain BULLISH.
- MACD histogram has changed to ST BEARISH and we also have a BEARISH DIVERGENCE.
- ST volatility has lost momentum. It’s most likely, that we shall see ST consolidation if the support holds or a retracement.
- Volume has come off and is lower than on the previous upswing high – volume divergence – this fails to support further development of the current swing.
- 65% of socks are above their 4 week MA and bearish cross below 70% – ST BEARISH.
Labels: SP500 weekly analysis
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