Market news, views and information from a Wall Street veteran

Tuesday, April 03, 2007

SP500 Daily Analysis for Apr 3rd

o New 1st time frame up trend.
o The market closed with the bulls keen, in control and committed.
o Nice range expansion suggests that buyers are eager.
o The market has, once again, been halted at the top of the important band of resistance, marked as the two light blue lines. Watch the resistance area, marked in yellow, if this area is breached. If there is downside rejection from the resistance area, the strong support/resistance marked in orange should be watched.
o Triple MAs are BULLISH.
o MACD histogram remains ST bullish.
o ST volatility has achieved a cyclical trough and should beging to trend up but may be temporarily halted at the resistance area marked in light blue. If this area is taken out tomorrow, we will see good trending action, possibly approaching the yellow-marked resistance area on the price chart.
o Volume failed to appreciate significantly suggesting that there is little commitment from the bulls to yesterday's move.

Labels: ,

posted by Equities Analyst at 9:36 PM

Disclaimer
Terms and Conditions of Use
The information contained in this publication has been prepared with all reasonable care from sources, which we believe are reliable. The author accepts no responsibility or liability for any errors or omissions or misstatements however caused. Under no circumstances and in no event shall the author of this site liable for direct, indirect, or incidental damages resulting from the use of the information. The author of this site may have positions in securities mentioned herein. Any opinions, forecasts or recommendations reflect our judgement and assumptions at the date of publication and may change without notice. This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. We are not aware that any recipient intends to rely on this publication or of the manner in which the recipient intends to use it. In issuing this publication it is not possible to take into account the investment objectives, financial situation or particular needs of any recipient. Investors should obtain financial advice to determine whether recommendations in this publication are appropriate to their investment objectives, financial situation or particular needs before acting on such recommendations. The author may from time to time hold positions in any securities included on this site and may buy or sell such securities or engage in other transactions involving such securities.

Locations of visitors to this page