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Monday, September 13, 2010

Monday updates

The Summation Index continues to get more bullish, accelerating to the upside, not a good sign for the bears.
The number of stocks above their 50 day MA continues to grow, this chart remains bullish until the blue line (20 day MA)crosses over the price action.
Bad news for the bears when the SPX lost resistances of the only bearish fib fan, and now it has recaptured the shorter-term bullish fan, if 1131 gets taken out the SPX has plenty of room to run to the upside. The STO and Wm's are in over-bought conditions. Breadth is down, but volume did increase today. There are also divergences showing on the 60 minute charts, as momentum wanes, the SPX could still plow higher. If the SPX does take out 1131, it would be making a major higher high moving the longer term trend to bullish.
** Elk season is still underway in the North-west, and as long as the weather cooperates I will be away from the computer for the most part of the day, updating when I have a chance to jump on the computer :)

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