“UP” it was, but the intermediate term chart is certainly not that impressive, given the pandemonium that has been taking place since the start of the New Year.
The index does seem to have carved out a bottom just above the 100
level but it must take out initial resistance near 140 and then again
above the 50 period moving average to give chartists some reason to turn
more solidly bullish. As things stand now, all it looks like the index
has done is to bounce off a bottom and trek higher towards to the upper
bounds of a sideways trading pattern. For a bullish breakout to occur,
150 will have to be cleared. (more)