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Short-Term Trading Ranges

 
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arthur
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PostPosted: Wed Feb 02, 2005 3:12 pm    Post subject: Short-Term Trading Ranges Reply with quote

SPX rallied the first three days this week, and 1,196 (previous high) is next major resistance. It's unlikely, SPX will test the previous high at 1,217 this week. Support is at 1,189, 50 day MA, and 1,181, 20 day MA (the 20 day MA was previous resistance in Jan). The consolidation area in Jan at 1,175 to 1,195 (or roughly 1,185) is also a support zone. Volume is roughly about average. There are still gaps to close at much lower levels.

Nasdaq has underperformed and failed to lead the market higher. However, it closed the gap at 2,070. There's a gap at 2,020 and a (bearish) doji was created today. Nasdaq 2,100 may be significant resistance. The MACDs are bullish. However, it's uncertain if the market can maintain the rally over the next few weeks.



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