Friday, September 17, 2010

Third up week in a row

Bulls can't complain too much, they have managed to push SPX up for the third week in a row, a performance not seen since April.

Daily DMI looks good and price did not even go bellow EMA25 on 60 minutes chart. All of this is bullish. Yet, I can't help noticing that price bumped into 1130 today, then went down  as it did a couple more time this week. Without a rise above 1130 level we will see another mini-plunge since a triple top at 1130 is not going to be bullish. I hope the uptrend line (1060) is going to resist in the event the market will move down


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