Intraday Market Thoughts

Archived IMT (2010.08.05)

by Ashraf Laidi
Aug 5, 2010 18:22

S&P500s 4th CONSECUTIVE DAILY ATTEMPT to close above the 100-week MA of 1127 may not succeed today, but be ware of misleading signals. THIS shows the close above 1121 (50% fib from 2007 high to 2009 low) remains a positive dynamic for the index. But the real question is whether the last 4 days spent above the 200-day MA are simply a recurrence of the same pattern June 15-21 prior to the 8% decline. Therefore, even if the S&P500 fails to close above 1126-27 this week, it is important for the bulls to maintain a close above the 200-day MA of 1114-15 to sustain chances of eventual break out above 1126-20, which would pave the way for 1140.


Latest IMTs