Stocks are sure having a rough time trying to right themselves. As we've noted ad nauseum, sentiment indicators support a bottom here, but price has yet to agree. And price has the final say. Technical Analysis with Tim Knight - From the Energy Desk::
energy analyst, has been kind enough to once again pen a guest Who knows how much the dramatic increases in energy costs results in higher Â
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Still, we'll note one positive development this week: the Investors Intelligence weekly sentiment survey came in with numbers this that showed the most bearish sentiment since the October 2002 bottom.
At 31.1-43.6 bulls-bears, it's the lowest reading since there were 28.4% bulls and 43.2% bears at the 2002 low. It could still get worse, but at the first sign the world isn't going to come to an end, we could get a heck of a rally. There are plenty of shorts out there to fuel it. Comstock Funds::
We have been criticized at times from viewers that believe we rely too much on the fundamentals and dont rely enough on technical analysis. Actually, we have just
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Its no longer good enough to perform technical analysis on just one market at a how much strategy testing you do or how many single-market technical
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One potentially positive technical development today was the failure of the major indexes to make new lows despite news of the implosion of Bear Stearns. Still, the NYSE advance-decline line (first chart below) made a new low, which is a negative since the broad list tends to lead the market. Details of Statistical Analysis::
One of the hardest parts of technical analysis is just drawing a horizontal line. How do we decide that a chart pattern is or is not strong enough to report?
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The S&P 500 (second chart) has major support at 1270, with 1250 and 1219-1225 below that. Resistance is 1325-1335 and 1350.
The Dow (third chart) has major support at 11,750 and 11,635-11,670, with 11,400-11,500 and 11,250 below that. First resistance is 12,250-12,300.
The Nasdaq (third chart) has support at 2168 and 2100-2120. Resistance is 2250-2275.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association.
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