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Saturday, April 07, 2007

SP500 Weekly Analysis w/e Apr 6th

o 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 Close-by resistance at the highs of the previous two weeks was taken out. Watch resistance at the previous swing high at 1461.
o Triple MAs have changed to BULLISH.
o MACD histogram remains ST BULLISH.
o ST volatility achieved a cyclical peak a few weeks ago and is trending down from the OB zone. This is reflected in the large area of consolidation following the previous swing high and the subsequent pullback.
o Volume came off last week – bulls lack commitment.
o 79% 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 3:11 AM

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