{"id":56662,"date":"2010-05-26T11:11:14","date_gmt":"2010-05-26T01:11:14","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/05\/26\/us-short-term-technicals-positive\/"},"modified":"2010-05-26T11:11:14","modified_gmt":"2010-05-26T01:11:14","slug":"us-short-term-technicals-positive","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/05\/26\/us-short-term-technicals-positive\/","title":{"rendered":"US Short-Term Technicals Positive"},"content":{"rendered":"<p>\n\t&nbsp;By Chris Shaw<\/p>\n<p>\n\tAccording to Antipodean Capital there is now a clearer technical picture for US stocks, as recent price action has largely followed its expectations.<\/p>\n<p>\n\tOvernight the Dow Jones Industrial Average opened weak but right on support near 9,800, while the S&amp;P 500 did the same with support at 1,040. Antipodean had expected stocks would base at those levels and then rally, which is just what happened on the market last night.<\/p>\n<p>\n\tMore importantly, Antipodean notes price action on the Dow Jones formed a bullish hammer pattern, which implies the fall from 10,900 on the Index is almost over.<\/p>\n<p>\n\tThis suggests a rally to modest corrective targets of 10,400 on the Dow and 1,120 on the S&amp;P, while Antipodean suggests a more substantial rally of one to two weeks is also possible. This would bring markets back to the 1,150-1,175 range on the S&amp;P and the 10,700-10,900 range on the Dow.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/sandp.jpg\" style=\"width: 600px;height: 412px\" \/><\/p>\n<p>\n\tThat&#039;s the good news. Unfortunately Antipodean&#039;s Elliot Wave analysis suggests such a short-term rally would be just that, before peaking at a lower high and riding a fifth wave down to new 2010 lows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Antipodean Capital suggests the short-term technical picture for US equities is positive as prices respected support before bouncing higher.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[26],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56662"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=56662"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56662\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=56662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=56662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=56662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}