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Friday, April 27, 2012

Market status system weekly update

Market status system  Explanation at bottom.

Green - 6   
White - 4   
Red   - 0   
Green - 3  
White - 5  
Red   - 2  

Green - 10  
White - 0  
Red   - 0  

The weekly charts shifted a little towards bullish, but are still neutral.  The prior resistance at 1393 should now be support if tested.  I think it would be pretty bearish if we break that.  Here is the weekly SPX chart.

On a weekly basis we never closed below the key 1370 level.  Now we just wait and see if we make new highs and keep going or not. 



I have color coded the price bars in green (up), white (neutral),
red (down) to represent the short term price movement.  I have
put together 9 items that have led SPX at times in the past.
With SPX included there are 10 total items.  The idea is to use
daily for short term movement, weekly for intermediate and monthly
for long term.

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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.