SPX, Q, and major markets

Markets intraday momentum has shown positive with the stimulus program helping to revive our economy. With oversold level and very negative market sentiment is also helping the last 4 days up-momentum market. After markets trading in a trading range for 2 weeks, we may see a strong finish for the week and positive Jan.

"Qs 30.31, SPY 86.97 and SPX 868.73 HOD is a last resistance before retracing to the recent top on Jan 6. Breaking above is signaling that markets could finish the month - January positive which $SOX is positive now. Because market actions today have broken above 2 weeks consolidation period, breaking above the current HOD resistance could carry fast momentum to upside retracing to 1/6/2009."

60min: Nice C&H formations with the recent trending up market.
Markets closed near at resistances, however, daily momentum is now getting ready to turn positive.




Trading above SPX 880 downtrend resistance is continuing to be positive for upside momentum to SPX 950 +/- retracing to 1/9/2009 943.85 high. We still have a chance to finish the Jan effect on a positive note.


SPX closing below the SPX 872 R (?) after trading to SPX 878. Trading volume is light -- it is probably because many are scared of all extreme bearish speculation. It is just a matter of time the extreme bearish sentiment becomes a contrarian. Daily price actions are getting ready to show positive trend on macd.