actio-et-reactio
Balance is but a brief transition between extremes.
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Thursday, July 17, 2003
Comments for Thursday, 17 July 2003
"RSI on daily broke lower fork parallel prior to price doing so...anticipate a deeper (965 first target) SOON. The see-saw action of late looks to continue with congestion near the prior high 1015 (updated from 990) with a move to 964 still in sight. I find the price action difficult to fathom, technically or fundamentally. This has been the frustration of what is for lack of a better description, a complex topping. I err on the side of mildly bearish as sentiment, fundamentals, and breadth do not paint, IMO, a bullish broader market.
In the bigger picture, still in view are 964 (-5.1%) to 948 (-6.6%, last swing high) possible if a simple pullback gains momentum and becomes a correction. The last swing low is @ 913 (-10%). NDX looks like a sick cat. Tough to be enthusiastic, so I'll settle for probabilities, which have swung away from more new highs.
(not much has changed on the outlook, as you might have noticed)
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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