Wednesday, 11-28-07

Tuesday quickly traded above the lower band putting in a short term bottom. Late today to early Thursday the weekly up bias begins to weaken. We should get another shot at the 1444 to 1454 lower end of the 1444 to 1464 resistance zone. If that holds into Friday we should drop to lower lows.

Tuesday, 11-27-07

After spending three days at the 1415 target level and expecting a bounce to 1444-1464 Monday opened to 1446 and simply tanked. Until a full hour trades above the 60-minute chart lower band no low can form. Market either bounce toward the moving average or continues on down toward the next target at 1350-1330.

Monday, 11-26-07

Friday traded nothing but up and since it was a short trading day with 60-70 percent of participants at home on holiday we cannot have any faith in what happened Friday. This week does have an up cycle bias with 1444 to 1464 as resistance. If this resistance holds into early Thursday I plan on shorting it.

Friday, 11-23-07

Friday the SnP opens at the most significant price level in decades. Notice the close Wednesday sits right on the lower band? The August 16th low close was 1411.27 the 377 day ma is at 1415.89, the .786 retrace from 1370 to 1576 is at 1414 making this 1415 to 1411 zone the dividing line between bull and bear trend. Since Friday is a short holiday trading day Monday will be the most significant day to find support in this zone or bust below it and continue on down to 1350-1330 areas.

Wednesday, 11-21-07

The 1419 level was achieved Tuesday and a bounce into the close occurred off that support. The week has a down bias and if 1414 is traded below this week the door is open for the 2.618 target at 1356.

The charts moving average area will be solid resistance this week.

Tuesday, 11-20-07

The SnP did make a lower low Monday increasing downside momentum. Today 1419 to 1414 is the target support and 1450 the resistance

Monday, 11-19-07

The 60 minute chart has traded sideways for seven hours. The stochastic is advancing as price trades sideways while the 120 minute stochastic is moving sideways. Odds are the 1463 to 1465 ma area will not be traded above and a lower low will occur.