No, it's not WW II and the French Resistance! It's the latest Bear Cry! Viva La Resistance!
The SPY has been trying hard to break the 200 SMA. It has tried for 3 days and has not deceidedly made the move. The DIA has had it's own little battle with it's resistance line at 122 And it too has not made a strong move, but has also made 3 separate attempts. Will the fouth time be a "charm". Could be! Should be! Especially since both closed just a hair above the resistance line. Hence, both charts are looking good for another move up. They have had a few days of consolidation. They had an increse in volume today. So unless there's bad news tomorrow we could see a really nice move.
But wait, I forgot. In this news drivien market it's unlikely we will get a strong move up without good news from Euroland. Perhaps the Summit will give us a catalyst. Perhaps. But even without anything from Euroland, there is a strong possibility that we will move up from here tomorrow.
Momentum - Up
Trend - Sideways with an up bias
No comments:
Post a Comment