Tuesday, March 13, 2012

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Technical Talk: March 13, 2012

Our Current Take:

There are times, such as last fall, when the stock market game is incredibly difficult. And then there are other times when the game is fairly straightforward. The good news is that we are now experiencing the latter. The bottom line is simple - the trend is up and the indices are at new highs for the cycle. So, for today at least, the game is about staying onboard the bull trend.

We would consider being short-term buyers at: A close over 1374 on S&P 500

We would consider being short-term sellers: A close below 1357 on the S&P 500

Trend and Momentum Indicators:

Short-Term Trend: The s.t. trend is once again positive. And unless the bears make a big comeback today, it is likely to stay that way.

Intermediate-Term Trend: With the indices at new highs for the cycle, prices above their moving averages, and the moving averages also moving higher, it is safe to say that the intermediate-term trend remains positive.

Market Internals: Our TBC models are positive this morning and confirming the rally.

TBC = Trend-and-Breadth-Confirm Model
Market Momentum: Our momentum models are end-of-day based. As such, we will be looking at these indicators closely tomorrow to see if they confirm the bulls' latest efforts.

Support/Resistance Zones for S&P 500:

Current Support: 1340

Current Resistance: 1375
Early Warning Indicators:

Overbought/Oversold Condition: No surprise here... The market is once again overbought from both a short- and intermediate-term perspective.

Investor Sentiment: Sentiment is only modestly negative at the present time. We will be on the lookout for a return to extreme levels.

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