Friday, April 19, 2013

Really frustrating

After getting a sell signal yesterday, there was no continuation today and SPX is now once again above SMA 50 on daily chart. Even worse, bulls managed to push SPX just above the support level on weekly chart.

So, despite EMAs bearish crossing, bulls remain slightly in control. Another bullish day on Monday with SPX climbing above SMA 120 will cancel the sell signal.

Let's look now on a longer time frame, on 4 hours chart. As you can see EMAs are not crossed on this time frame and price is above rising SMA 120. EMAs are closer to each other than was on February when I've got the fake sell signal, meaning that indeed there is more bearishness this time around but not enough to call the game in bears' favor.

Let's wait for Monday to see "from which direction the wind will blow".


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