Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Friday, October 31, 2008

What to Watch on Friday Afternoon

The S&P 500 is very close to giving a weekly 'buy' signal.We are very close to an "outside reversal" candlestick on a weekly chart of the S&P 500. It just has to go 5 points higher than it has already. If it does -- and the S&P 500 ends the day positively -- that would be a "buy" signal.

The weekly RSI is already giving a buy signal.

Why is the S&P 500 so positive-looking, especially with earnings generally bad? I don't know -- you can throw the chicken bones on that one.

To be sure, the market can change wildly in the last half an hour of trading. So don't jump the gun.
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