AI
Wednesday, January 28, 2009 6:12:18 PM
Markets intraday momentum has shown positive with the stimulus program helping to revive our economy. With oversold level and very negative market sentiment is also helping the last 4 days up-momentum market. After markets trading in a trading range for 2 weeks, we may see a strong finish for the week and positive Jan.
"Qs 30.31, SPY 86.97 and SPX 868.73 HOD is a last resistance before retracing to the recent top on Jan 6. Breaking above is signaling that markets could finish the month - January positive which $SOX is positive now. Because market actions today have broken above 2 weeks consolidation period, breaking above the current HOD resistance could carry fast momentum to upside retracing to 1/6/2009."
Trading above SPX 880 downtrend resistance is continuing to be positive for upside momentum to SPX 950 +/- retracing to 1/9/2009 943.85 high. We still have a chance to finish the Jan effect on a positive note.
"Qs 30.31, SPY 86.97 and SPX 868.73 HOD is a last resistance before retracing to the recent top on Jan 6. Breaking above is signaling that markets could finish the month - January positive which $SOX is positive now. Because market actions today have broken above 2 weeks consolidation period, breaking above the current HOD resistance could carry fast momentum to upside retracing to 1/6/2009."
Trading above SPX 880 downtrend resistance is continuing to be positive for upside momentum to SPX 950 +/- retracing to 1/9/2009 943.85 high. We still have a chance to finish the Jan effect on a positive note.
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