Nightly technical market analysis by Jack Steiman covering both the session's activity and the near-term market directional trends.
Poor Data...Nothing Stopping The Bull.... Fri May 17th 2013
Poor data, again, late in the week couldn't get the market to stumble very much. Some, yes, but in a big way, no. We saw the number from the Philadelphia Fed come in below the zero level again after going green the prior month. Minus five, and change, showing their economy is in recession for the very short-term at least. On top of that, we then saw a huge increase in the jobless claims number. Thirty thousand bump up and well above expectations.
Stable..... Wed May 15th 2013
Stable is the best word I can find to use for today's action. The bulls tried a few times to run away with things while the bears made a few attempts of their own. Back and forth they went. In the end, the bulls held their own when you consider how overbought we are. We seem to be staying overbought, and thus, the bears have yet to take advantage. You have to wonder when they will, but for now, they have been unable to get any sustainable down side action going.
Not Much To Add.....Bull Very Much Alive..... Mon May 13th 2013
I can go on and on for hours and I wouldn't be able to add anything from my report over the weekend. Today was a flat day overall but the bulls will take it since last night it looked as if the market was about to take a good old fashioned beating. Futures were rocking down on absolutely no news. So why the selling? No reason necessary other than markets don't go straight up and we were also near overbought on the daily charts while being overbought on the weekly charts.
Bull Hanging Tough..... Fri May 10th 2013
What's really left to say that I haven't said for quite some time now. Yes, the market has been ragged at times with many head fakes and whipsaw action, but the bulls have hung very tough, not allowing the bears to seize on things for very long. Every time it seems the bears have made some real progress, the bulls come in unexpectedly and turn things around in a hurry, not allowing the bears to feel they're gaining any confidence. The bulls have squashed all attempts and continue to do so.
Still Above 1597.... Wed May 8th 2013
Another day has gone by and yet another day with the S&P 500 holding above the breakout at 1597. Each day the market hangs above 1597 is bullish from this perspective. The bears will give up over time if they can't remove the big breakout level. They will need to take it way sooner than later of another leg up will take shape over time. We opened flat today but all attempts at selling with any force were quickly bought up by the bulls.