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10 Responses to “Wrap – Week Ended 10/25/13”
S&P 500/SPY/Profile Charts
Near support 173.56. Far support 171.21. Demand volume and breadth trends confirming recent highs and support higher prices ahead. Note poor market structure below. Pullbacks moving through low volume areas can move fast and far. Expecting pullbacks to be buyable.
XOP Daily Short term momentum still in place with high volume buying and selling last week. Friday closed around acceptance at 71.22. Looking for sideways consolidation or pullback with a move below 70. Expecting pullbacks to be buyable.
E&P Weekly Aggregate Cumulative Volume Chart..Volume was slow to build until the last couple of weeks then breaking out late to confirm recent highs in the group. Buying volume in the group not as strong as in the ETF but the pattern doesn't look done yet to my eyes.