Friday, June 14, 2002
Comments Week ending 14 Jun 2002
Today's dramatic plunge and reversal put in a low even lower than yesterdays lower low relative to September. Additionally, there are positive RSI/Accum-Dist divergences and a weekly chart slightly higher Wm%R.
All this gives the impression of a bit more up. Like many psychological goals, once again, one is still left with a taste of dust, a sort of lack of fulfillment, in terms of sentiment. It's just *too* technical, even with the SPX having joined the ranks of breaking its psychological 1000 barrier.
There may indeed be a rally, but I'm not convinced the NDX, or the market, is through with the lows. Note that neither the SPX nor the INDU have fully test those lows... not that they must, but again, there is a lack of closure, something left undone, about The Big Picture.
While there is little by way of recent support, I have added the Oct97 and Oct98 lows of 927 and 1063 as
horizontal lines to the Daily chart. I'll leave it to you to pull up the charts and examine each event on its own. There you will also find the "source" for the
Sept gap and May low (1126:1166 and 1142).
As to the
SML-- it looks ready to have a bounce off the "green" fork. Again, I am not convinced of the strength of that bounce, so keep a tight reign on your positions.
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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