Wednesday, December 1, 2010

Outside the trading range

Bulls are having their best day in weeks. SPX is 5 points above the 1177-1200 trading range and above declining SMA 120 (around 1198). Daily DMI is slightly positive but the most bullish sign is that EMAs are almost touching each other for the first time since November 15 when they gave a bearish crossing. I still believe market is going to go back into the trading range in the next few days and what we are seeing here is just pushing the boundary of the trading range a little bit up after pushing the lower edge a little bit down two days ago.

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