SP500 Weekly Analysis w/e Mar 9th 2007
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21% (8% prev) of stocks closed above their 4 week MA – ST NEUTRAL. 67% (63% prev) of stocks closed above their 30 week MA - MT BEARISH. |
75 (71% prev) of stocks closed above their 52 week MA - LT BULLISH.
o 1st time frame down trend intact. o The market closed with the bulls moderately keen and committed, and showing some amount of control. o Range contraction shows that the bears aren’t as eager as the previous week. o There was good support around the previous resistance area, marked in brown. This area should be watched closely next week. o Triple MAs remain NEUTRAL. o MACD histogram has changed to ST BULLISH. o Momentum in ST volatility should achieve a cyclical peak very soon. Expect either consolidation or a moderate upside retracement of the current down swing. o Volume came off last week - nothing unusual |
Labels: SP500, SP500 weekly analysis
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