S&P promptly bounced from the 1090 area.
Not much has changed with the weekly and daily charts.
Daily is still below the trend line that passes through peaks of April and August
It can be forming a flag or some other sort of consolidation or it can be setting a sharp drop. I can’t really say. I would like the red area to contain any consolidation/drop that bulls may need. Bears know what they should do. They need to break below 1090 and 1070 as first steps.
Daily volume expanded but came below average. Daily breadth was good.
The activity of today was not enough to make any changes in the breadth measures of this chart
This is a 60-min chart
Given the positive breadth, and a successful test of 1090 (which included a gap fill), I expected to see a more momentous move than what we had. That’s why I posted intraday and said something did not feel right. I just decided to err on the side of caution.
Anyhow, this may be a sideways consolidation to be followed by a move higher, or it may turn into something nasty. The key is 1085-1090 area. Bulls shouldn’t spend too much time below 1085.
OEW pivot support at 1090 and 1058. Pivot resistance at 1107 and 1136.
Long term trend is up. Mid-term trend is up. Short term trend is up.
Have a Nice Evening!
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