A double bottom has formed at the 1490 area. That could be a wave one down within five waves to the 1415 area so we are now on major top watch. Today the two moving averages form a significant resistance zone at 1516 to 1525. For the week resistance is at 1521-1528. Any drop below 1489 is now a major bearish event, any bounce stall below 1533 is a major bearish event into options expiration 11-16-07. That give us nine days of major top watch.Tuesday, November 6, 2007
Tuesday, 11-06-07
A double bottom has formed at the 1490 area. That could be a wave one down within five waves to the 1415 area so we are now on major top watch. Today the two moving averages form a significant resistance zone at 1516 to 1525. For the week resistance is at 1521-1528. Any drop below 1489 is now a major bearish event, any bounce stall below 1533 is a major bearish event into options expiration 11-16-07. That give us nine days of major top watch.
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