No mercy for bears this week! After a negative start of the week that almost gave a "sell" signal bulls pushed SPX almost 30 points to end the week around 20 points more than the previous Friday. Once again EMAs crossing on 60 minutes chart saved me a lot of pain.
Daily DMI continues to be bullish but also the weekly DMI is getting very close to turn green. It has already turned green for DOW and Russell2000 but is still lagging for Nasdaq and SPX. Speaking of weekly chart I notice that we climbed above a major downtrend line formed by the 2007 high and April's high. This is bullish on long term time frame.
SMA200 started rising again and is now around 1119. The uptrend line climbed to 1070 on daily chart and to 1100 on weekly chart. There is a little bit of resistance around 1172 but we had little volume there since the level has been touched for only one day.
Have a nice weekend!