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Sep 3rd Market Overview (Two SPX Charts)

 
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arthur
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PostPosted: Fri Sep 03, 2004 4:38 pm    Post subject: Sep 3rd Market Overview (Two SPX Charts) Reply with quote
The first chart shows SPX closed above its 200 day MA, and 1,125 to 1,145 is the next major resistance zone. If SPX fails to hold the 200 day MA, then its 50 day MA is next major support. However, unless volume picks-up, SPX may pull-back. Perhaps, volume will be low until 9/11 next Sat. Also, the Oscillator (ULT) reached an extreme and is pointing down. The Parabolic SAR (green dots) is already increasing at a decreasing rate, which suggests there will at least be some consolidation. The second SPX chart shows the weekly Parabolic SAR is on a buy signal (which supports the intermediate-term indicators on page two of Chart Room). It seems, SPX is a buy on pull-backs (around 1,100).




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