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Tuesday, May 14, 2013

Daily update 5/14

Still finding rally chasers.  Here is the daily SPX chart.


SPX got clearly above the new channel I drew.  I changed my original channel lines to red to make them easier to see.  We did not quite get above that channel line.  On the last pullback it went so far out the bottom I thought it was forming a new channel.  Maybe not.  Since it got out the bottom, it might get out the top this week.  Volume was up today, but still does not look like a buying climax like we had last Sept.  The story remains the same.  Price is extended and high risk to add new longs.  That is not stopping people from doing it, but that does not make the risk any lower.

Bob

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