S&P 500 snaps back on positive economic news

Daily Market Analysis Friday 02/17/12

KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
STT 1 Trend Based on a Range Violation
STT 2 Trend Based on a Close Violation
RBB Resistance Bollinger Band
SBB Support Bollinger Band

INDICIES

ESH12:

  • Trends are bullish.
  • Possible STT 1 confirmation of a top with a range violation @ 1334.00. Possible STT 2 confirmation of a top with a close @ 1334.00 or lower.
    • The March S&P’s continued lower initially last night to follow through on Wednesday’s break but, as in the other "risk" markets, came back strong throughout the day due to positive U.S. economic news
    • The market continues to snap back based on positive economic news but is doing so cautiously. Still it is important to note that it is an election year and no matter what, you should look for some rabbits to keep being pulled out of the hat all the way until November with an incumbent seeking re-election
      • Q1 Target = 1383.50
  • Projected Daily Range: 19.00
  • Projected Weekly Range: 32.25
  • Projected Monthly Range: 91.50

Parrish Hicks Capital Research is a trading technical analysis firm that specializes in WTI. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years experience in the commodity business and in 2011 accurately called both $25 moves to the downside in May and July and the $25+ move to the upside in October. Their trading methodology confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Although their expertise is focused on WTI, they also provide technical analysis on 16 commodity markets including the energies, metals, equity index, currencies, grains, meats and interest rates. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com. www.ParrishHicks.com.

About the Author
Kris Hicks

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.

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