Saturday, May 14, 2011

Stocks Once Agian Test Key Support


Hi guys, I know I haven't been posting that much lately and the reason is simply because I do spend most of my time trading, watching the markets and managing a few other projects that I am involved in.  I will try to update this blog more often as there is much to talk about.

Above is a daily chart of the S&P500 and in my opinion the trend is still up. The horizontal line represents a key support zone which so far as been able to support this market. There is also a recent trendline that can be drawn off of the March and April lows which coincides with this support zone. Until this area is clearly violated, I will have to remain a bull.

1 comment:

ben said...

NDX index daily is showing stochastic divergence; both DIA and SPY are showing weekly stochastic divergence; IWM is showing a nice head and shoulder pattern about to break the neckline; FXI and EEM are showing
classic stochastic divergence and are lagging behind SPX. Both TLT
are SPY are rallying together.

This shows me a "sick" market.

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