Wednesday, April 18, 2012

EOD Technical Analysis, S&P 500 - 17 April 2012 - Bulls catch up..

S&P 500 - End of Day - 17 April  2012   
The Bulls have reconquered the Moving VWAP 34, which we studied (click) as the resistance to beat.
Index also closed above all the short term Moving Averages (MA), that we watch, as shown above.
The (yellow) Day channel that we follow, was broken on the upside, by yesterday's candle.

SP500 stopped short of any of the above MA crossing above the others.
Case in point, a mere 5 points plus, is all that is required for the 5 EMA to cross above the 13 SMA.
Bulls have held the Index neutral in the short term, leaving the real breakout into the green, for another day.

We conclude that follow up action is required, to call it 'Advantage Bulls' .. right now, the field is wide open.