Technical Analysis
The Weekly Market Analysis For August 20th – August 24th
By Marubozu  •  August 26, 2012
Commentary:

Markets lost ground this week, but managed to claw back some of the losses on August 24. While the week was still down overall, the index ETFs remain very close to 52-week highs, and two of the ETFs actually made new 52-week highs this week. That is a positive sign, but as mentioned in prior market summaries, this is a critical juncture for stocks. Declining volume warns the rally may be running out of steam, but price – the ultimate indicator – continues to move higher. Using another indicator, the true strength index, we can isolate potential turning points quite early, and keep ourselves in the trend if the price continues to rally.

S&P 500 SPDR ETF (ARCA:SPY)

The S&P 500 SPDR (ARCA:SPY) ETF made a new 52-week high this week at $143.09. That was just above the former high ...

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By Marubozu
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