SPX climbed a bit above SMA50 today for the first time since the beginning of the plunge, another sign that market gets strength on longer time frames.We did have a fake break out three weeks ago when SPX climbed above the 1100 resistance level and SMA200. Now the long term momentum is a bit better than back then but on short term market is overbought a fact evidenced by a briefly intra-day negative DMI on 60 minutes chart. Once again, bulls should welcome a retracement towards the downtrend line but that level needs to hold once touched.
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babaro
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