Not much new to add from last Friday: the bears are still in charge, the Fed remains out of touch, and the last chance for the bulls remains 1360-1370 on the S&P, about 2% lower from here (see first chart below).
All isn't lost quite yet, however. The NYSE advance-decline line (second chart) remains above its November and August lows, a sign that downside momentum could be waning, and the CBOE equity put-call index showed quite a spike today, a sign of fear by investors. But time is clearly running out for the bulls — and the economy. It would take a move above 1430-1440 on the S&P for the bullish case to begin to reassert itself.
Technical Analysis with Tim Knight - A Tale of Two Cities::
got hedge fund managers with annual take-home pay in the billions of dollars, May the Bears be with you I am the Author of Chart Your Way To Profits:
http://www.mrswing.com/artman/publish/article_5768.shtmlHOME |
Decision Point®: Chart Spotlight 6/20/2008::
signs (see my June 6 article) that suggested the bulls were about to take charge. Technical analysis is a windsock, not a crystal ball.
http://www.decisionpoint.com/ChartSpotliteFiles/080620_oil.htmlHOME |
The Dow (third chart) is also running out of room here, with 12,500 a critical level, and the Nasdaq (fourth chart) needs to hold 2386-2400. To the upside, 12,724-12,748 and 2540-2554 would be a good start.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association.
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