Pre-holiday movement

On Monday SPX moved up 27 points but remained pretty flat today and yesterday. As I mentioned Friday, the move on the upside was pretty much "announced" by the more than 20 points reversal on Friday after hitting a new low. If the move was enough to change the market direction on intermediate time frame, that remains to be seen in the following weeks.

Two hours chart shows a price crossing both EMAs, that are pointing up but no bullish crossing yet. The declining SMA 120 is also 20 points above, around 1,410.

Daily chart looks a little bit better. SPX has managed to climb above SMA 200 and 10 points above the most recent break down point (1,380) but DMI continues to be negative.

Weekly chart doesn't look that promising. I need to see a higher high on this chart, meaning I need to see SPX above 1,410. Weekly DMI remains negative despite this week move up.

SPX is the most bullish index out there. Both Dow and Nasdaq are bellow SMA 200 and both have challenged the four years uptrend line.

It's too early to say market has changed direction on intermediate time frame. SPX needs to rise another 20-30 points to change the trend direction.

Happy Thanksgiving!

babaro

P.S. Do you need some excitement during the trading day? Then trade MDBX, a marijuana stock that went up from $4 to $215 in a couple of days then lost 90% next day, and now it's in an apparent uptrend one more time. Today was 24% up. Don't blame me if you lose your money -)