Market had a late afternoon surge.
So, once again, 1175 area of support held and led to the afternoon bounce of this double POMO day.
On the 60-min chart, index is still in the range defined by the black lines. I have a bunch of channels on the chart.
Bulls should, as starter get out of the blue channel and approach the top of the black range.
On the daily, index has been kept under 13 EMA and that is an immediate resistance to take or the chart may further roll over.
NDX also had a bounce from the support of 34 EMA and the mid line of the blue channel.
All-in-all, not bad for the bulls so far, but they need to start a short term uptrend. They need to do much more than just bounce off support -- higher lows, higher highs, that's what it takes for a trend.
So, 1175 area remain support -- tested three times so far.
Remember the bigger range is defined by 1175-1200-1225, and if one wants to slice using half ranges: 1175-1187-1200-1212-1225
Have a Nice Afternoon!
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