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Market Talk Feburary 21 Presidents Day
Overall sentiment about the market remains somewhat neutral.
Looking at the charts, it's almost like reading tea leaves, we are in a very narrow bullish range that could go either way. Climbing out of this retracement started back on the 26th of January. And, we are not out of it yet, not until we can climb past the December higher high of 1213.55 on the S&P.
The dominant trend is still bullish. The RSI relative strength indicates that stocks are neither overbought or over sold. Above 50; the average gains are higher than average losses, and confirms a bullish condition. Chartwise not by very much. The MACD moving averages are still bullish, but by a narrow margin.
Favorably, last Friday's bar chart depicted a bullish single bar reversal. While daily fluctuations may indicate a trend. The big picture on weekly charts indicate a very slow climb from the January retracement.
Using the S&P at
www.Barchart.com the short term buywas at 20%, medium term 75%,long term 67%, overall 56%.
Attachment S&P chart
Rgds, and be careful!

Spaf