Interesting juncture.... SPX has been for weeks in a supertight range - from what I read, one of the longest and tightest in history. Last week it managed to make yet another fake new high - and right now the question is whether it will succeed in breaking the late March low of 1291.84. The sentiment is not particularly supportive neither for bears nor bulls.
BKX is still sitting on that same old resistance line... actually, on the (more precise) QCharts it is slightly below that line at this time (the key word being "slightly":
stockcharts.com[f,a]waclyyay[d19971023,20061222][pb50!b200][vc60][ila12,26,9][J68528346,Y]&listnum=1
McHugh (?sp) talks about a "confirmed Hindenburg Omen" -- and so far longs failed to make any real use of the "bullish Seasonality" - which "officially" ends in early May. The (12,26,9) MACD is on a sell signal on the daily - and even issued a "sell" on the weekly as of yesterday (which may not mean much, since the week is only starting). The last weekly "sell" occurred in mid-September, as the market was accelerating down into the October low.
AA beat expectations.... will this trigger a rally, or will the players disregard it... and sell?
There are still plenty of interesting things to discuss about the markets..... ;)
edit - let me correct myself - bulls DID make use of the bullish seasonality. The advance since October was great. But - it stalled, and was more or less chopping around since November. |
