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Saturday, March 24, 2007

SP500 Weekly Analysis w/e Mar 23rd 2007

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o New 1st time frame up trend.

o The market closed with the bulls keen, in control and committed.

o Range expansion shows that the bulls are eager.

o There was upside price rejection from the strong support around the previous resistance area, marked in brown. Watch the previous swing high as resistance.

o Triple MAs remain NEUTRAL.

o MACD histogram has changed to ST BULLISH.

o ST volatility has achieved a cyclical peak and has crossed below the OB zone. Expect either consolidation or an attempt at the previous swing high.

o Volume came off last week – oerhaps the bulls lack some commitment
o 88% of socks are above their 4 week MA but watch for a bearish cross below 70% – ST BULLISH.

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posted by Equities Analyst at 1:45 AM

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