Money flow up sharply as S&P holds 50-day MA

A new 6-month reaction high in the Chaikin Money Flow indicator suggests bullish momentum holds sway as the S&P works on holding its break of the 50-day MA. Stochastics aren't overbought so there is room to the upside.


The potential pitfall is the rising wedge pattern for December, but even if this breaks I doubt it will make it all the way back to its start at the November low. Potential for a bear trap.



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

Popular posts from this blog

"Inverse Hammer" on Russell 2000 Breakout

'Bear Traps' for the Nasdaq and S&P as Russell 2000 holds above support

Bullish Engulfing Patterns Across Russell 2000, S&P and Nasdaq

Archive

Show more