SPX - TREND OUTLOOK
Started by
mss
, May 09 2009 10:52 AM
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#1
Posted 09 May 2009 - 10:52 AM
This chart suggests that although the SPX has made a rather large advance price wise, the RSI and the 3,13,1 MACD momentum indicator, have not made the same relative move. This suggest that a consolidation back to 875 is likely and might even go to the dashed blue TL.
To say we are in a new bull market is premature, as we are in a bear market rally still. The momentum MACD should reach the "0" line or at least close to it, maybe -15 before a bull market returns.
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=20&mn=11&dy=30&i=p40327012583&a=160569091&r=2488.png
Here is another look at what might be occurring. 8,34,1 MACD has crossed the "0" line, indicating a positive tend.
http://stockcharts.com/c-sc/sc?s=$ONE:$VXO&p=W&yr=5&mn=6&dy=0&i=p38053969550&a=130840936&r=4112.png
This chart is clear enough.
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=8&mn=6&dy=0&i=p99197737897&a=139520680&r=281.png
This chart suggest the current levels of price advancement and areas of resistance. Although decline/retracement is suggested, a collapse to 650 "could" occur.
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=5&mn=6&dy=0&i=p66752138917&a=127011578&r=2549.png
These will update daily, view as a running 5day week.
Comments always welcome,
mss
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