Thursday, February 5, 2009

2/4 - Market Analysis (stage 1)

SPX - support / resistance


SPY - bullish if support holds


INDU - retest of breakdown from triangle??


XLF - fall from resistance


USO - neutral...fell as UUP popped...but why XLE and OIH rally?


UUP - no relation to SPX anymore


VIX - triangle here too???


A/D - nasdaq slightly more bullish


ETFs - commodities buoyed up the market...financials lagged


Analysis: Not so clearcut right now. Commodities are showing relative strength especially as uso again fell...Tech showing strength too but less fundamental reason than commodities. I think we are still in a short term uptrend and as long as the support on SPY holds up intraday, the rally will continue...

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