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Monday, March 05, 2007

SP500 Daily Analysis for Mar 5th



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  • 1st time frame down trend intact. The market closed with the bears keen, in control and committed.
    Range contraction signifies that the bears have lost some eagerness.
  • The market closed at an important support area, marked in brown. Will it hold ? If this area is taken out, we could see the market trade down to the next support area around 1361, marked in dark blue.
  • Triple MAs are BEARISH.
  • MACD histogram is ST bearish and w have a divergence - ST bearish.
  • ST volatility has achieved a cyclical peak. There is a strong chance that the close by previous resistance may act as support. If that happens, and the support in price action holds, we could see a ST rally in price action.
  • Volume has come off with the current down swing - nothing unusual.

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posted by Equities Analyst at 5:50 PM

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