The SP500 closed above its 200 SMA, and across the board the sense that this move up is due to the high frequency folks, end of quarter window dressing and/or any other reason people can think of. (Cramer does a good job summing up these points. However, I do not agree with him or the others.)
The markets are still in a sea-of-resistance. But what looks to be happening right now is the market acting ahead of the FinReg bill, and this is allowing the markets to move up. I linked a video yesterday where FinReg will not be as bad as the market is projecting. The outcome will simply boil down to be forced capital requirements to the trading arm of a bank. This is common sense regulation, and I truly believe its market friendly. This appears to be indicated in the weekly XLF chart, bouncing off of its support line and potentially regaining its 50 SMA support.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu65gxmlaKCh0qIxTZTeZ7UlFO4T7Eka1QAyYECQEO3n2G0EW4bJqGHRZP04ji43dHolCsRuHpwhltPW_UIE0aPXRmeQxZ_PtKTkcY5HoSPQSkRgfHaePh5fdu9OO49gj5t3GpgsGXOJE/s400/sc-2.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifCcCrzSafKtv5QfcI5VxXxHynp5rILrYIK372DlNxQZewwH-lrXlC7hUrNAAtJpODPYSV1-qW9wZPUQZ2FzlbkWVgpueCikORyvvy5RfRTATh995sQFd8Bx6bTgvwHLKFTz_cXetcAts/s400/sc-1.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeCfzShEAWpNCKG9qAeT-KRbpJgtloVJQr3JWQJqWDPajTykWaSzHdOEZGttT5niIQvRHL-bgyBNPCwUXKQYaOrr04Zf5_hWvVedm-cWv78MPSp-Gyh_rG7oc5W3rBnLR4EncsT7fAdro/s400/sc.png)
Whatever the markets decide to do, there are plenty of 'potential-resistance' points, via the technicals, the market can use to begin its consolidation.
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