Long term basis: not yet bullish

On a yearly basis, stochastic and MACD could continue to be overbought. As long as MY (end of period) proves to be a resistance, the main trend is not bullish.

On a quarterly basis, LQ / UQ spread is shrinking. Our stochastic and MACD are oversold. Our moving averages trend is down.

On a monthly basis; for M23, the trend is bearish. Our stochastic and MACD are oversold.

Idea: monthly stochastic is our leading indicator

Bet: UM as a first resistance.

R= UM (3861), 4145 (Jan 2011 high);    S= MM (3362)

Medium term: higher without bull trend.

On a weekly basis, a bullish no-crossover is the status for each TAM tool. A NEI is in progress with our monthly M23.

Idea: higher as long as our MACD is not overbought

Bet: towards UM is likely.

R= UM (3861);               S= MW (3532).

Short term: higher

On a daily basis, M23 is not flat. A weak bullish no-crossover is the status for our moving averages.

Idea: daily MACD is our leading indicator

Bet: nothing to do.

R= UM (3861);     S= MD (3694).

Conclusion: if you want to add a long position, buy S&P 500.