Thursday, February 05, 2009 10:23:50 PM
Major markets are trading near at pivotal resistances: SPX 850, DOW 8100, Nasdaq 1550, and Qs 30.80 going into the stimulus plan voting. While daily and weekly price momentum is developing to upside, intraday price action is now showing negative divergence. If market sentiment is healthy and bullish, market price actions can move up with strong advance even with negative divergences. That is not the case as market sentiment is quite bearish and edge. Nevertheless, breaking above the noted resistances is quite positive as the resistances are pivotal for further price advancement to SPX 900/1000. Of course, failing to break to upside market will revisit the Nov 2008 low.
Stimulus plan debate was healthy debate making progress to effectively spend the huge amount of money. And it is necessary to take some time to refine and to redefine many details. Hopefully, the debate will continue with healthy and productive modifications and will be approved during the next week or soon.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35385643
We have dreaded Eco news in premarket, and how markets will react to the eco news -- probably bearish as usual.
Qs daily chart shows a positive macd momentum; however, market sentiment is very bearish and a break out from the formation is an initial short term directional signal.
Qs 60min chart looks like a bee hive with red/greed arrows. As shown on the chart, Qs initially traded above the symmetrical triangle formation; however, today's HOD 30.77 is a strong resistance.
I hope that the next week will not be bloodbath prior to the President's & Valentine's day. We had "Valentine massacre markets before; but, I hope that is not the case. Good luck
http://trend-signals.blogspot.com/2009/02/market-comment.html
Stimulus plan debate was healthy debate making progress to effectively spend the huge amount of money. And it is necessary to take some time to refine and to redefine many details. Hopefully, the debate will continue with healthy and productive modifications and will be approved during the next week or soon.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35385643
We have dreaded Eco news in premarket, and how markets will react to the eco news -- probably bearish as usual.
Qs daily chart shows a positive macd momentum; however, market sentiment is very bearish and a break out from the formation is an initial short term directional signal.
Qs 60min chart looks like a bee hive with red/greed arrows. As shown on the chart, Qs initially traded above the symmetrical triangle formation; however, today's HOD 30.77 is a strong resistance.
I hope that the next week will not be bloodbath prior to the President's & Valentine's day. We had "Valentine massacre markets before; but, I hope that is not the case. Good luck
http://trend-signals.blogspot.com/2009/02/market-comment.html
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