Bulls have been able to keep the S&P 500 index above its 100-day moving average, but, so far, have not been able to send it past its 50-day moving average. The market is still in a short term down trend.
Charles
Friday, May 27, 2011
Thursday, May 26, 2011
Tuesday, May 24, 2011
Support Becomes Resistance
Starting Friday afternoon, various support levels failed. As the old saying goes, support becomes resistance. The market is trying to stay above its 100-day moving average, but the much followed 50-day moving average is now resistance. Don't expect the market to be very bullish until it closes above that MA.
Charles
Sunday, May 22, 2011
Follow The Money
CBS Follow The Money
A real estate mogul charged with swindling $40 million is murdered. Erin Moriarty reports.
Charles
Friday, May 20, 2011
ES 60 Minute Chart Analysis 05/20/11
The market is trying to find support at the 50% correction line of the last up swing wave. If the market starts trading above its 78 bar pivot line on the five minute chart, we may get a third up wave in the typically bullish last week of May.
Charles
Thursday, May 19, 2011
ES Futures And S&P 500 Review 05/19/11
The S&P 500 Index is bouncing to the upside following the test of its 50-day moving average. The ES Futures is currently testing its 10-day MA. On the 5-min chart, the futures has stayed above the 78-bar floor trader pivot since 1500 ET on Tuesday afternoon.
Charles
Monday, May 16, 2011
Too Big To Fail
Too Big To Fail video by Felix Salmon and Andrew Ross Sorkin.
Scan Stock And Commodities News Headlines.
Charles
Wednesday, May 11, 2011
Not So Bullish Day 05/11/11
I was expecting a narrow range, nontrending day. But the market had other plans. It is still above its 50-day moving average, but below its 10-day moving average. As you can see, the ES market stayed below the 78-bar floor trader pivot line all day providing resistance.
Charles
ES Market Fully Bullish 05/10/11
The S&P 500 cash market is staying above its 50-day moving average and the ES futures is again above its 10-day moving average, which makes the market fully bullish. On Monday, the 78-bar floor trader pivot line provided support on this uptrending day.
Charles
Tuesday, May 3, 2011
ES Downtrend 05/13/11
The ES market has been staying below the 78 bar average of the floor trader pivot. When the market test that line, we have been getting a bearish TICK divergence.
Charles
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