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Friday, February 18, 2011

Friday

13:10 ET
There is a slight weakness developing. The Heikin Ashi indicator is warning of a near by Bears, Smoothy has issued a Stall Warning. My RSI study continues to show weakness in the histogram, The Laguerre polynomial has turned to a darker shade of green and while PPS remains Bullish and the Elders have not spoke it appears they have taken notice. 1334 would be a minor accomplishment for the Bears but of course it needs to start somewhere. My concern is that 1308 will turn the Bears back if they take the market down that far.



11:30 ET
Except for a divergence of the RSI histogram there is still no sign of weakness.
First resistance 1344 then 1358.
Until 1308 support is broken the Bulls have control.

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