Market news, views and information from a Wall Street veteran

Wednesday, March 14, 2007

S&P500 Daily Analysis for Mar 14th



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  • 1st time frame down trend intact.
  • The market closed with the bulls keen, in control and committed. The bears lost control throughout the day and didn't have the commitment to close the market near the lows.
  • There was strong price rejection from the support area, marked in brown on the chart. Another strong level, having acted as supported on two previous occasions. Watch the important resistance area, marked in orange, if the market comes trades up again.
  • Triple MAs are BEARISH.
  • MACD histogram is ST bullish.
  • ST volatility is at the resistance area, marked in light blue. If this holds we will see more consolidation. If the level is broken we will see this market begin trending again.

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posted by Equities Analyst at 8:28 PM

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