The afternoon price sure of the double POMO day did manage to hold support and rally but it was not enough to expand the breadth.
McClellan is still
S&P had a bounce off it 55 EMA.
Notice the broken blue channel line. Notice price hanging to the underside of the green mid-channel line. Also notice how index first used its 34 EMA for bounces and now the 55 EMA while 13 and 34 are threatening to roll over from a flattened situation.
Bulls need to get above the short term MAs – SOON!
Intraday , I posted a 60-min chart with a downward channel added.
I have put it on the daily here
Seems like to get out of this mess, bulls need to get above 1200 – SOON!
This is a 60-min chart
1174 area has been tested 3 times so far. Bulls should start putting some distance on the upside, and get above 1200 as soon as possible. That would be a small step in the right direction.
A move above 1192 may indicate a potential to set a positive posture.
As long as index stays below 1190, it’s either consolidating or declining.
Here are theoretical range targets based on what I have marked with black lines on the 60-mon chart
1st target 1150
2nd target 1125
1st target 1225
2nd target 1250
We all have known that the play has been short-the-dollar-buy-the-whatever
So, it must be of no surprise why market feels heavy and stuck in doo-doo
OEW pivot support at 1187 and 1176. Pivot resistance at 1227 and 1240
Long term trend is up. Mid-term trend is up. Short term trend is chop-chop-to-down (note that we had a lower low intraday yesterday)
Have a Nice Day!
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