Wednesday, October 07, 2015

Yesterday's Losses Reversed

Bulls can be happy with today's progress. What weakness emerged today was reversed by the close, a change on yesterday's action where sellers dumped in the last few minutes of trading. Volume climbed to register an accumulation day.

The S&P finished at the 50-day MA, but beyond that there is plenty of room beyond that to run to the next level of resistance at 2,045. Technicals are net bullish.

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Tuesday, October 06, 2015

Markets Hold Bulk of Gains

Most of the gains were posted pre-market, but bulls were able to hold gains after a couple of days of bullish strength.

The S&P is on course to finish with a spinning top doji. The 50-day MA is just overhead and close to 2,000 psychological resistance. Technicals are close to turning net bullish.

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Monday, October 05, 2015

Markets Post Gains - Breakout in Dow and Semiconductor Index

A fresh day of gains keeps bullish momentum running in healthy action. The Dow was the first index to break past declining resistance established by July - August declining trendline. Volume also climbed to register accumulation.

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Thursday, October 01, 2015

Minor Gains

Things were looking a lot brighter in premarket, but in the end bulls were able to push markets into a higher close, even if volume was lighter than yesterday.

The S&P nicks a breakout of declining resistance from the September high, but hasn't yet challenged declining resistance connecting August and September levels. Technicals hold on to their bearish outlook. Based on the table listed at the end of this article, the S&P would need to drop to 1,600 to register a 25% loss from highs.

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