actio-et-reactio
Balance is but a brief transition between extremes.
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Tuesday, March 26, 2002
Tuesday comments
After that quite unexpected morning exuberance spike on the Consumer Confidence numbers, yesterday's ugly close played itself out with a late day sell-off. Technically, a case can be made for further gains as, for the NDX, price is at lower pitchfork, with confluence with various geometric supports. The SPX 60m chart is a bit more troublesome, but if anything, somewhat oversold.
There is a rather "obvious" VV on the 60m charts, with a mild positive divergence that is now playing out. The mid-point of the VV is ~1450, which continues to be a formidable battleground. The next two geometric resistances are at 1488 and 1519, with support 1411 to 1418.
The dominant trends continue to be down.
Labels: market-calls-dated
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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