Favorable Signals for Stocks
A positive price bias keeps the odds in favor of net gains over the next couple of weeks
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By Paul Cherney
Intraday measures of S&P 500 price action combined with NYSE volume have issued a short-term intraday signal which usually results in at least 3 hours of selling. These signals (under the current technical conditions) can last as long as 9 to 12 trading hours. A rounded bottom on 60-minute bar charts usually represents the loss of downside momentum and signal that the markets are ready to start moving higher again. Immediate S&P 500 support is 911.25-898, and I expect to see prints in the upper edge of this support zone.