Monday, December 13, 2010

Bulls take a break

Pretty quiet trading day with SPX advancing 4-6 points in the morning them giving everything back in the last hour. Market is ahead of itself, is 30 points above SMA 120 and 10 points above EMA 50. As I said on Friday there is plenty of room for SPX to go down without affecting the intermediate time frame uptrend. Volume is still low, 30% bellow 50 days moving average.

The dollar went down quit a bit today, on high volume, and closed exactly at the SMA70 on daily chart, the moving average that functioned as support during the December-June rally. EMA15 is still above EMA30 but daily DMI has turned bearish. A weaker dollar is going to help bulls.

Have a nice evening!


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