As far as being overbought, stocks are at the top of their BB on
15-minute charts. On 60-minute charts, EMA(50) is the line in the
sand, currently at 1080 on $SPX. $NYMO shows an oversold condition.
A likely possibility that this market will have an up day on Monday
and perhaps early on Tuesday. SPY at 107.0 and 107.50 should be a
resistance too, and we closed right next to it. Not much gains on
the upside, yet a couple of range-bound days are on the horizon.
FWIW.
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As far as being overbought,
SPX wave 1 of 3 down done?
Posted by junkie on 5th of Feb 2010 at 04:54 pm
As far as being overbought, stocks are at the top of their BB on 15-minute charts. On 60-minute charts, EMA(50) is the line in the sand, currently at 1080 on $SPX. $NYMO shows an oversold condition. A likely possibility that this market will have an up day on Monday and perhaps early on Tuesday. SPY at 107.0 and 107.50 should be a resistance too, and we closed right next to it. Not much gains on the upside, yet a couple of range-bound days are on the horizon. FWIW.