Stock Market Bulls Take Over
Stock-Markets / Stocks Bull Market Jul 16, 2009 - 04:26 PM GMTBy: Frederic_Simons
The week is beginning with some major changes in equities, treasury bonds and commodity prices. Starting on Monday, the S&P 500 started a big move to the upside. In our last stock market update, we showed a chart of the E-Mini S&P 500 future with the comment that above 884.63, the short term chart would be bullish again:
The following updated chart shows how the E-Mini S&P shot higher after having cleared this level, the green line, for 2 consecutive price bars:
Because of the big move upwards the bigger term 480min chart has also turned bullish:
As a conclusion, the S&P 500 is in a new uptrend, with bulls in control. The line of least resistance is pointing to more upside in prices.
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By Frederic Simons
http://www.crossroadsfx.hostoi.com
© 2009 Copyright Frederic Simons - All Rights Reserved
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