After two extremely bullish weeks bulls pushed SPX up just a couple of points. Not too much intra-day volatility either, the maximum was around 10 points. It looks like market still looks for some serious news to figure out what way to go. The easy money we made from 2009 until now are not going to be made so easy anymore. Market filled the huge gap down that followed the Lehman bankruptcy. "Volume at price" indicator shows a huge volume in the 1220-1350 area which could act as a resistance level. There is also a decent volume in the 1400-1450 area over the past 4 years when market was exactly at this level.
Momentum continues to be bullish, DMI is positive on both daily and weekly chart. However, the daily DMI looks a little bit "tired" after this flat week. Market is still overbought on short term since price continues to stay above both EMAs on 60 minutes chart.
Dollar and precious metals moved up yesterday, a pretty unusual move since they tend to go in opposite directions.
Next week is probably going to be a flat one, again. Bears are too timid and too wounded to try something here and bulls are getting nervous since market reached a fresh two year high. We need serious fundamental news to get a decent move either up or down.
babaro
P.S. since it's weekend I thought you may enjoy playing a game. Be careful it's very addictive :)
babaro
P.S. since it's weekend I thought you may enjoy playing a game. Be careful it's very addictive :)
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