Although things are looking more positive, these events continue to evolve within a bearish biased market.
Agreed that each of these (FAS, TNA, ERX) indicate a narrowing of their respective 20 and 50-EMA's. However, they still remain in a bearish spread and RSI WHILE continued to dwell within its bearish range.
Until the recent upswing breaks away from the current bearish reaction high and defines a nascent bullish trend, the trend remains predominantly bearish, IMHO.
In fact, I am not fully convinced that the recent market highs in the large indices truly represent a breakout: While VIX remains above the high of late APR 2010, the weekly and monthly RSI's for $SPX remain in their bearish range.
For these ambiguous technical reasons, the current technical event remain caught in a grey zone, likely reflecting the current doubt about global fundamentals, such as doubts in bank tests in Europe, slow recovery in the US, and other market concerns in Asia.
At best, the market is acting hopeful, but remains "greyishly" hesitant, IMHO.
- Dalcindo
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Message in reply to:
FAS, TNA and ERX set to come back big time
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- Dalcindo
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