Wednesday, December 03, 2008

Very little to add....

On a closing price basis the S&P finished the day just below former channel support (now resistance). Volume made modest gains, but not really enough to suggest it was a strong accumulation day. Supporting technicals continue to map bullish divergences, some dating back to the summer - so that's a good thing.


Even when you look at only the closing price there is still tonnes of wiggle room without changing the picture strongly bullish or bearish.


The TICK chart has swung more in favour of longs:


Gold (GLD) struggling at its 50-day MA after a failed test to break resistance from Sep/Oct:


Volatiltiy (VIX) angling for a move back into the void:





Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
 
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