The cash S&P500 daily chart made an uptrending bar with a higher close on Tuesday. As the high was still below last Friday’s high it is clear that we are marking time until the Fed announces. Not only are we right at the short term moving average (see chart) but volume fell yet again. Bottom Line: I am still waiting for a retest of the January 23 low.Technical Analysis of the financial markets using Elliott Wave, Gann, Fibonacci, cycles and momentum indicators. Posted information is for educational purposes only and not a recommendation to buy or sell any stock. This site is dedicated to the study of technical analysis.
Wednesday, 30 January 2008
Waiting on the FED (Again)
The cash S&P500 daily chart made an uptrending bar with a higher close on Tuesday. As the high was still below last Friday’s high it is clear that we are marking time until the Fed announces. Not only are we right at the short term moving average (see chart) but volume fell yet again. Bottom Line: I am still waiting for a retest of the January 23 low.
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