PeakTrader.com Forum Index PeakTrader.com
Economics, Portfolio Optimization, and Technical Analysis
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 
Log inFast Charts

SPX: Maintaining the Upward Channel

 
Post new topic   Reply to topic     PeakTrader.com Forum Index -> Market Forecast
View previous topic :: View next topic  
Author Message
administrator
Site Admin


Joined: 28 Dec 2005
Posts: 11965

PostPosted: Sat Nov 18, 2006 9:30 am    Post subject: SPX: Maintaining the Upward Channel Reply with quote

The daily chart below shows SPX continued to trade within the parallel upward channel and has successfully tested the lower uptrend line at least four times. Eventually, SPX will close below the lower uptrend line, which may accelerate selling and end the intermediate-term uptrend.

The NYMO 50-day MA, below the price chart, peaked at roughly 25 in September. Typically, when the NYMO 50-day MA rises above 20, it'll fall below negative 20. However, SPX often falls sharply over the second half of the NYMO 50-day MA downtrend. The NYSI 50-day MA, also below price chart, is beginning to flatten, which may indicate SPX is near a top.

The MACD, above the price chart, created a bullish crossover last week, while VIX remains below the 21-day MA, which are both bullish. However, VIX closed slightly above 10 indicating extreme complacency, which is often bearish. Also, SPX closed over 100 points above its 200-day MA, which may indicate at least a short-term pullback.

It's uncertain how much longer SPX will trade within the uptrend channel. However, the holiday shopping season begins next week, which may be the catalyst to determine market direction over the next month or two. Given the lower line of the uptrend line has held for months, it has become an important level.

Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic     PeakTrader.com Forum Index -> Market Forecast All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by PeakTrader 2.0.8 © 2001, 2002