US Market Update
Good morning,
US Indices finished slightly down but essentially flat on the day and mostly flat to slightly higher on the weekly view. YTD the indices are doing well with SPX +4.8%, DJIA +1.4%, IXIC +13.3% and RUT +10.5%.
SPX resolved with a weekly indecision candle just below a flattening 5 day moving average. The bulls are going to try to keep this above what has become support at 2805, the weekly point of control for SPX, SPY and ES futures. 2801.90 is of course a psychological threshold as well as March resistance. Above that are some poor highs; that is, profiles that are thin and lack conviction. The area is becoming balanced the longer the market stays there. The bull's near term target is about 2835 while 2815 is a prominent point of resistance as of Friday's close. On the downside, 2785 is an area of both technical and hedging support followed by 2776 and 2760. These support levels may shift during Monday's session, but Friday's positioning gives a fair idea of how things were seen then. SPX 30 minute update.
DAX trying to stay in its uptrend. USD and gold still in flux.
Commentary and Internals.
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US Market Update Good morning, US Indices finished slightly down...
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