SPX remained in a trading range during earning report month as noted on 7/9/08. SPX traded to 1291 after reversing from SPX 1200 as altered on 7/16/08 (9701).
Daily and weekly price actions show weak upside momentum with breadth positive divergences.
For VST, we have sym triangle on intraday charts going into the Fed meeting. A break from the formation will be initial signal for directional confirmation.
We have the Fed meeting on 8/5/08 which will be a catalyst for a breakout from the one month trading range SPX 1200-1300.
No comments:
Post a Comment