S&P 500 - November 29, 2010

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

Downside:
1st target 1150
2nd target 1125

Upside
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!