Saturday, May 30, 2009

5/29 - Market Analysis

SPX - bullish but near resistance


SPY - more bullish


RKH - need confirmation


VIX - SPX bullish


ETFs


HEAT


Analysis: quite a bullish day...broke out of the consolidation range made by the triangle...which is definitely much more bullish than bearish...what i don't know is whether resistance holds and we are still back in the rectangle consolidation pattern or whether we are going higher, validating the symmetrical triangle pattern i noted yesterday...either way, the bulls are definitely are more in control than the bears...even my chart scans showed many more bullish setups than bearish...

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