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Monday, March 12, 2007

S&P500 Daily Analysis for Mar 12th



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  • 1st time frame up trend intact. The market closed with the bulls moderately keen, having modest control and showing some level of commitment.
  • Inside day denotes indecision - serves as a warning for the current up swing.
  • The market has had some difficulty taking out the resistance area, marked in orange on the chart. This is quite a strong level - it has previously acted as resistance, then support and now resistance again. Watch the support area, marked in brown, if the market comes off again.
  • Triple MAs are NEUTRAL.
  • MACD histogram is ST bullish.
  • ST volatility is approaching a support level, marked in yellow. If the support holds we could see consolidation or the market come off slightly.
  • Volume has come off as price action was in an up swing - volume divergence - something of a warning signal.

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posted by Equities Analyst at 8:53 PM

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