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The market refuses to go lower in week 36. With repeated attempts by the bears to push the market lower off the open, the lower prices were quickly rejected by the market. Friday was quite lackluster, perhaps due to the fact that it was 9-11. Friday’s breadth, highlighted in orange represents a market at parity.
Gauging off the weekly chart, we should see a continued rally in the markets as we are breaking above the hammer formed in week 35. However, the S&P500 is approaching the top of its channel, and with slowing action late in the week a pullback could be in store in the coming weeks back to the prior breakout point of $1030 or the psychological $1000 level. Notice the divergence between price and volume on the weekly chart as well.
The market refuses to go lower in week 36. With repeated attempts by the bears to push the market lower off the open, the lower prices were quickly rejected by the market. Friday was quite lackluster, perhaps due to the fact that it was 9-11. Friday’s breadth, highlighted in orange represents a market at parity.
Gauging off the weekly chart, we should see a continued rally in the markets as we are breaking above the hammer formed in week 35. However, the S&P500 is approaching the top of its channel, and with slowing action late in the week a pullback could be in store in the coming weeks back to the prior breakout point of $1030 or the psychological $1000 level. Notice the divergence between price and volume on the weekly chart as well.
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