Abet Chichi2

[DiscoverGold]

>>> The call for this week <<<
By: Jeffrey Saut | November 5, 2018

Last week the SPX attempted to close above 2750, which we deemed to be an important resistance level that would bring into view the next resistance level of 2800 - 2820. Yet the rally attempt failed to better 2750, which is usually the case on the first attempt to clear such a level. It also stopped short of its 200-day moving average (DMA) at 2764.66. On a bullish note the Buying Power Index has crossed above the Selling Pressure Index and the Cumulative Net Volume Index has held up very well. And, the percentage of stocks above their respective 10-DMAs is pretty bullish, as is the same for stocks trading above their 30-DMAs. We think the “lows” are in, but the ideal bottoming process would be a rally into the 2800 – 2820 zone followed by a pullback to the 2600 – 2650 level.

Read More »»»

• DiscoverGold

Click on "In reply to", for Authors past commentaries