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Longer-Term Market Outlook

 February 20, 2012 03:10 PM




Comments to the S&P 500 charts above:

- the volatility is quite down - see ATR (average true range) - this is very strong bullish sign;
- we may see some oversold signals on the SBV (Selling and Buying Volume) oscillator, yet they are still at positive levels and are bullish;
- some bearish signals could be seen on the McClellan Oscillator and MACD;
- advances and declines continue being positive by suggesting dominance of bullish sentiment.

Overall, we may see some signs of the possibility of a correction down, however, at such low volatility level we cannot expect any strong movements down. Even in case of a correction the odds are good of having the market back to its high levels.

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