August 28, 2010

  • S&P 500 closed up 17.37 points or 1.66%
  • A near 2% rally in S&P 500 but still the index remains inside the channel which is trending down. Today's price action may give some hopes for the bulls to try and break out of the channel resistance line on monday. But that is not an easy thing to do especially because of the overhead resistances in the form of 50 DMA and 20 DMA. If there is no follow up buying on monday price will start declining towards the bottom of the channel.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore