I commence with my gratitude to The Ultimate All-Knower
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| NYSE Composite Chart Analysis 7-15-11 |
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| S&P 500 Market Analysis 7-15-11 |
US Stock Market have been trying to go down for the last 3 trading days in the previous week ending on 07/15. But every time, it peeked lower, only to have reversed its course back up by the end of the day or the next day. In each pull back of last 4 trading days of last week, markets held above and were successfully holding the key support area plus of 21 and 50-MA averages and another time cycle discovery of mine, which is a strong determinant of the support and resistance in longer term.
Moreover, it is happening within the orb of time cycle for change in trend in the financial markets.
I believe that markets have completed the required correction and/or pullback, to give them the steam to go higher. Therefore, Market shall go higher from now on. However, keep it in mind that whenever, markets go into a new territory, they tend to become volatile at first, to clear the last uncertain participants of the markets.