Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Friday, August 23, 2013

S&P Up To 50 EMA Line At Close

Stock Market Technical Analysis Blog

click on image to enlarge

In the market today we had a continuation of the upward biased lockdown tractor program that was placed on the market when it reopened yesterday.  Not much can be made of today's trading as the tractor programs were strong keeping the indexes from having virtually any oscillation throughout the day.  

Looking at the lower left corner chart above, we see that yesterday's abrupt interruption of the QQQ's day 5/20 pushdown happened as the S&P was at the centerline its alternate black line channel.   At the bottom right corner chart, however, the market closed right up against the underside of its 50 EMA line.  Overall, not really telling us anything other than they really want to take advantage of this window and push the market back up to retest the 8/2 peak.  

Today the TNX really cooled down but the moment it turns back up the market will once again be at its mercy.

Trade well my friends


Blog Archive