Thursday, January 17, 2013

Market Comments

$SPX - Chart Link - The market continues to push higher, as I said last night and Monday newsletter, I stated off with this daily chart, with the SPX above the 9 EMA, there was no reason to over analyze anything or get too bearish, the 9 EMA continues to act as a spring board.

$SPX - Chart Link - I'm watching the 60 min chart on this move up - watch to see if the upper trendline of the channel will act as resistance - that is also a low risk area for a short for folks like Kalinm 

$SPX - Chart Link - 15 min ascending triangle, this has played out - RSI is overbought now so that's a short term concern - also tomorrow is OPEX, so I wouldn't be surprised to see some consolidation.

$TRAN - Chart Link - Transports continue to be on fire, holding the 9 EMA all along, IYT is the ETF of corse

$BKX - Chart Link - Banks have consolidated again, the MACD line is testing the average for a potential MACD Kiss for another pop and price is over the 9 EMA we'll see.

Otherwise for now monitor the 60 in SPX chart and the upper trendline of the channel and the 15 min SPX

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