Although it was not as strong a day as either Monday or Tuesday, it was still another up trending day in the cash S&P500 market. We had a qualified breakout of the TD Supply Line (down sloping dashed red line on the chart), which in all likelihood will be confirmed today if we can move above yesterday’s high. The price projection associated with confirmation is 1101.15.Since price has moved above 1069.62 I am forced to reconsider my near-term bearish stand. With the market right in the weekly resistance zone of about 1066-1072, and with momentum failing on all indicators (RSI, Composite, Derivative Oscillator) on both the daily and weekly time frames, I can‘t turn bullish here. Call me neutral.
Today I will watch to see how price fares in the weekly resistance zone and then there is an opportunity to reassess the weekly chart over the weekend.
No comments:
Post a Comment