It's been a weak morning but S&P is hanging in there.
Intraday breadth has been poor, and index has been having trouble to rise to the top of the gap around 1070. Bulls need to take the gap and exceed it. They will then need to hold it.
Bears have been inconsequential so far. Despite bad breadth, they seem to have been unable to break the index.
So, all in all, a morning of consolidation while broader technicals of longer frames are negative.
A move below 1055 may put the bears back in charge at least for the short term
This is what I see on a 5-min frame.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago