The good news for bulls is that SPX managed to claim this month. The bad news is that the bullish momentum seems to vanishing and DMI is about to turn red unless bulls manage to push the indexes up next week. It's good that the uptrend line (around 1093) provided support in the last two days but I want to see SPX above the resistance level around 1105 and DMI staying on green. It will be really upsetting to see indexes slipping back into the trading range. Personally, I don't care if market rallies or plunges but trading in range is killing me since I am getting whip-sawed most of the time.
Long term players should keep an eye on SMA200. A close above this value and a higher high above 1130 is going to be very bullish.
Have a nice week and remember I won't be able to write anything since I am going to be on vacation but I won't be upset seeing that some of you clicked on the adds and bought me a coffee or two :)
All the best!
babaro
