Tuesday, December 20, 2011

Oh yeah, the Markets Were Up Today (SPY; BAC)

Apologies to our loyal and long-suffering readers, I've been a bit giddy since Kim Jong-Il shuffled off. [in his 3-inch platforms -ed]
The S&P closed up 2.98% at 1241.30, BAC was up 3.7% to $5.17.
Here are a couple charts, First up MarketBeat:

S&P 500 Clears a Technical Hurdle
S&P 500. Click for big image.
The S&P 500 has reached its first technical resistance area at 1240-1245, which was the bottom of a consolidation range during the first week of the month.

The next resistance range, at 1260-1267, is the big one. That range is defined by the 200-day moving average, which comes in today at 1260, and the highs of the early-December consolidation....MORE

And from Slope of Hope:
Chart Analysis of BAC (by Mike Paulenoff)
Apart from the fact that Bank of America (BAC) is up 3% the day after it hit a low 4.93 yesterday, the lowest level since March 2009, let's notice that current strength has not inflicted any meaningful technical damage to the nearest-term downtrend -- at least not yet.
BAC must hurdle and sustain above 5.23 to inflict preliminary technical damage. However, upside continuation that climbs above 5.29/30 to hurdle my 30-period exponential moving average is needed to really get my attention on the long side of BAC.
That EMA tracks directional price movement very closely, and in the recent past has thwarted upside continuation on all (failed) rally efforts. Inability of BAC to hurdle the 30-period EMA will keep me neutral to bearish.
Originally published on MPTrader.com.