Thursday, February 21, 2008

Early signs of revival?

After a good day on Wednesday, what can the bulls pull out of the bag next? On a closing basis there was a modest resistance breakout in the S&P, helped by the earlier February 12th 'Buy' signal in the Bullish Percents. Having said that, the S&P Bullish Percents need to break 35% soon if the momentum of the signal is not to be lost.

The Dow Bullish Percents do exhibit better health, only the index has to pick up the pace. Closing support at 12,200 remains strong.

The Nasdaq Bullish Percents still ride the January 24th 'Buy' signal, but a breakout has yet to occur in the index.