Tuesday, January 24, 2012

"Stock market stalls as Minor Cycle looks increasingly tired "

Following up on "Tuesday – Topping Out or Just Pinning the Fed?".
From FuturesMag:

...Market Overview – What We Know:
  • Market closed mixed Monday with S&P fractionally higher while Dow 30, NASDAQ and Value Line were fractionally lower. 
  • Short and intermediate-term cycles remain positive, but both are also “Overbought.”
    Major Cycle remains near “Neutral.”
  • Short-term Momentum in S&P 500 has failed to confirm any of strength in index since December 19 lows.
  • Key statistical resistance in S&P holds at upper edge of 10-Month Price Channel at 1336.70. If that level is surpassed odds would substantially increase that May 2011 high at 1370.58 could be surpassed.