S&P 500, NDX - November 22, 2010

Seems like market is working a tight range


Lower edge of the blue channel(s) provided support.

It’s a few days that index is oscillating between 1175 and 1200, which is the area of lower half of my 1175-1225 band and coincides with area between 13 and 34 EMA.

Index spent a good portion of the day dropping to lower parts of the band and the rest of day to recover the losses to end almost flat.

Breadth was negative for the day. McClellan stayed flat in negative territory


This is a 60-min chart



It may be seen as a test of the gap that index opened on the way up on Nov 18, and also a test of the recent short term downtrend line. If so, index should either move sideways or advance and expand momentum and breadth.

Not much else to say.

OEW pivot support at 1187 and 1176. Pivot resistance at 1222 and 1240.

Long term trend is up. Mid-term trend is up. Short term trend is up.

Have a Nice Day!