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, 27 April 2011
SPX Daily Chart - 26 April 2011
The market broke above both the supply line and overhead resistance yesterday while working off its divergence with the RSI indicator. Confirmation today of the break above 1341.59 will turn the daily chart bullish and move the allocation mix to +75%. Still watching to see whether the RSI can get above the area reserved for bear market rally resistance (parallel red lines).
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