Monthly Close . . .

Discussion in 'Trading' started by Landis82, Mar 29, 2007.

  1. I have found that many traders become so "tunnel-visioned" that they sometimes are unable to pull themselves away from seeing the "bark on the trees"exclusively of everything else, such as the Trees themselves, let alone the Forest. Thus, it's always good to break things down from a Monthly basis, to a Weekly basis, and then to a Daily basis.

    Tomorrow will not only be the end of the 1st quarter of 2007, but it will also be a MONTHLY CLOSE.

    A close above the 1406.82 level in the SPX will negate the downward reversal from last month, suggesting that the market will resume the upward trend.

    A close on Friday above the 1413.15 level will be very bullish.
    Moreover, the momentum on a monthly basis has also increased suggesting that the Bull is still alive.

    The 10-month moving average is currently at the 1366.49 level.

    Coincidentally, the low this month was 1363.98 which was nearly a perfect hit. The action since rendering the low has been very impressive and suggests a continuation of the pattern.

    I will try and provide a Weekly and Daily "comment" over the weekend. But for now, a close above the 1413.15 level would be most constructive for more upside action next week!

    Good Luck to All.