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July 21st, 2010: Update 2 – Morning

Posted by pugsma on July 21, 2010

10:35 am EST:  I can not stress enough how important this area here around 1075 to 1095 is  in terms of changing the intermediate term trend from down to up.   If the bulls want to decisively change the 3 month old down trend, then they will need to break through the 50-day SMA in next serveral days.   In it’s simplest form, classic technical anlaysis says that as long as the RSI is below 50 and the MACD signal line below the zero point, then market is still in a down trend.  And the inverse is also true.  The RSI has recenly crossed above the 50 level twice.  And the MACD signal is creeping ever so close to the zero point.  Also, the 13-day EMA bull cross above the 34-day EMA is within 5 points this morning.  So all the classic TA stars are aligned for a change in trend.  If it fails, the bears could really push it down hard once again.  So continue to watching closely the next few days, it’s a very key point in the markets. 

SP-500 Daily Candles (10:22 am):

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