Tuesday, December 16, 2008

Weight of 50-day MAs

Bulls did a fair job of keeping the indices near their 50-day MAs. Now it's a question of holding rising support from November lows and breaking these averages; or losing rising support and retesting November lows. Prior demand favours a breaks of the 50-day MAs.

Summation Indices firmly bullish; note 2 fan breaks already with a double bottom in each of the summation indices - if markets play to form they should take out November highs.

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