actio-et-reactio
Balance is but a brief transition between extremes.
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Tuesday, May 20, 2003
Comments - Tuesday, 20 May for Wednesday 21 May
Bounced off support (see horizontal lines on daily chart) with a positive divergence on the 30m, 60m charts. This sez to me look for a bounce tomorrow. The bigger picture is that the by-now-glaringly-obvious wedge on the daily finally cracked. It may be too much to expect a full back-kiss of the lower trendline, but broke is broke. The questions are (1) How much of a rebound (note that RSI is now in congestion zone) (2)how much repair is needed. ie, a retest of 906 or 896 or lower?
SPX weekly & monthly price & indications look bullish but the daily indicators are flashing caution as they have become overbot a bit too quickly. The daily also shows an nexus of forks what is now a high reversal (hit the predicted 939 exactly last week, then the weekly upper fork at 948
exactly).
The season favors stagnation or even decline ('Sell in May and Go Away', which has some remarkable long term odds). Always practice good discipline and have money management near the top of your plan, second only to a positive attitude.
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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