What I see here is that there has been no tendency for the market to advance under these circumstances. There could even be a slight downside edge, but the numbers aren’t compelling enough for me to bank on that. I’d simply view it as neutral.
Wednesday, November 3, 2010
Fed Days With The Market At An Intermediate-Term High
Fed Days have generally exhibited an upside bias for about 30 years. Many times this has been thanks to the Fed giving a confidence boost to a struggling market. But what of those times where the market is already at an intermediate-term high. With the SPX closing at a new rally high yesterday this is the situation the market is now in. Below is a study that take a look.
What I see here is that there has been no tendency for the market to advance under these circumstances. There could even be a slight downside edge, but the numbers aren’t compelling enough for me to bank on that. I’d simply view it as neutral.
What I see here is that there has been no tendency for the market to advance under these circumstances. There could even be a slight downside edge, but the numbers aren’t compelling enough for me to bank on that. I’d simply view it as neutral.
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That's why the momentum is slowly declining as stock market continued to move higher. I expect at some point for the market to sell off. I look at SP500 index because 1228 marks 61.8 fibonacci retracement level. If this level gets broken, then we could see SP500 return to its prior high (~1400).
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