I can't see the future, unfortunately, aj. But the chart of the SPX shows a bullish hammer formed at support (at 1063), lots of oscillator buy signals (including one with the center of gravity indicator), and strong resistance at the 200 SMA, at 1128. Sentiment is in the upper midrange, and not overbought. There's also some resistance around the 11 EMA, near 1092, and then at the middle Bollinger band at 1107. So based on the chart, I'd say the trend was up. Based on the volatility of the market, I'd say there could still be a lot of uncertainty.
The Naz chart looks very similar, with the hammer at support. In the case of the Naz, there's strong resistance at the 50 SMA. |
