"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10

Monday, July 30, 2012

SPX weekly chart

Are the bears going to snatch defeat from the jaws of victory once again?  Well, NFTRH has been following a series of higher highs and higher lows by daily charts to keep a tight focus on the rally (dumb money sold in May, right?) and I have by no means been over confident in the market's prospects.  But the weekly chart has gone MACD trigger up while the trend remains down - for now.

The market is within a strong resistance zone but the bears may be running out of time to break this thing.
















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