Can the stock market rally last through the 2012 election?

Market Pulse: August 13

No doubt “Big Money” influenced the current stock market rally. Last week the September 2012 E-mini S&P opened at 1390.25 and closed the week at 1402.50. 

On the daily chart below you can see how back on May 1 the S&P traded just above 1400, but did not close above there. You can see the drop in May taking the S&P down to 1260 on June 4, but not closing below there. From there you can see the rally up start and continue through June, July and August, with this past Friday’s close at 1402.50. Looking at the price action you can see how it was a very bumpy ride up. Current technicals show the S&P in a weak trend with ADX at 23, but rising. DI+ crossed up over DI- back on Friday August 3. MACD has been bullish, but currently is dropping divergence and Stochastics are in deep overbought territory. Technically, we could expect a correction. 

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