Friday, December 3, 2010

Bulls are in control...

... on all time frames, short, intermediate and long. Not too much action today after two extremely powerful rallies but notice the fact that SPX dodged the disappointing jobs data and finished in green after giving up a few points in the morning. SPX is just a point bellow November 8th high but Russell and Nasdaq already surpassed this level. Russell is the most bullish index so if you are in TZA right now you're doomed. Dow it's a little bit behind, with 40 points more needed to reach November 8th high. Momentum is bullish on all time frames as evidenced by hourly, daily and weekly DMI.

Needless to say that EMAs are showing a bullish crossing and that price is above a flat SMA 120 on hourly chart.

Bulls are also helped by a dollar that went down this week. Daily DMI is still positive and EMAs are showing a bullish crossing so there is still hope for the dollar but this week was definitely a bad one.

Have a nice weekend!


P.S. I added "Slope of Hope" to the list of blogs i am following. I think you should check this blog. Very good technical analysis

No comments:

Post a Comment

Thank you for your feed-back