The MarketTechnical
The indices (DJIA 12805, S&P 1364) rallied yesterday, remaining within both their (1) short term trading ranges [12022-13302, 1266-1422] and (2) intermediate term uptrend [11987-16987, 1261-1841].
Within the short term trading ranges, additional support exists at 12345/1292 and resistance at 12903/1364. Note that the S&P closed right on the resistance level. Further, the 1364 also is the intersect of the upper boundary of the pennant formation discussed previously (the lower boundary intersect is 1345).
Volume was up; breadth improved. The VIX fell but is still over the lower boundary of its intermediate term trading range and continues to develop its head and shoulders formation.
GLD was off a bit but remains above the lower boundary of its intermediate term trading range.
Wednesday, July 18, 2012
The Morning Call-The S&P is at an important juncture
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