June 11th, 2010: Update 3 – Intra-day Midday
Posted by pugsma on June 11, 2010
1:19pm EST: Boring day. The good news for the bulls is that the bad retail sales news from May was not heavily sold this morning. That is a hint of a trend change reversal. Just one week ago that type of pre-market news would have produced a 2% decline in the market this morning. There are also several signs on the SP-500 Daily Candle Chart that indicates an imtermediate term trend change from down to up maybe in the works. There are bull crosses on the MACD and Full-STO signal lines. And the MACD histogram bars are back in positive territory. Take a lookg a how strong the market rally after these technical signal changes in Nov-Dec 2009 and again in Feb-Apr 2010. Staying above 1070 over the rest of today will help to consolidate yesterday’s gains, even in the face of disappointing news from the retail sector.
SP-500 Daily Candles (1:04pm):
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