20 Feb 2015
Is e-SPH on the verge of upside acceleration again? – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, notes that with e-SPH making new highs and current action suggesting absence of selling pressure, another leg higher can be predicted for the index.
Key Quotes
“The first time the e-SPH popped to a new all-time high above 2088.75 was last Friday, Feb 13.”
“Today marks the fourth session since the establishment of a new all-time high, and despite near-term overbought conditions, some lousy economic data, and geopolitical uncertainties, the equity index remains perched right at its highs!”
“I can only conclude from the action that there is no selling pressure up here (duh!), and that the last 4 sessions represent a very high-level digestion period (or a sideways correction) that has worked off the overbought condition, which, if true, means that any hour now, the index should take off to the upside into a new upleg.”
“Should such a scenario unfold, then the next upside-target zone for e-SPH is 2110/20.”
“To invalidate the start of a new upleg, the e-SPH must break below both 2087.25 and below 2080.75”
Key Quotes
“The first time the e-SPH popped to a new all-time high above 2088.75 was last Friday, Feb 13.”
“Today marks the fourth session since the establishment of a new all-time high, and despite near-term overbought conditions, some lousy economic data, and geopolitical uncertainties, the equity index remains perched right at its highs!”
“I can only conclude from the action that there is no selling pressure up here (duh!), and that the last 4 sessions represent a very high-level digestion period (or a sideways correction) that has worked off the overbought condition, which, if true, means that any hour now, the index should take off to the upside into a new upleg.”
“Should such a scenario unfold, then the next upside-target zone for e-SPH is 2110/20.”
“To invalidate the start of a new upleg, the e-SPH must break below both 2087.25 and below 2080.75”