An interesting turn of events today, as the intraday dip-buying that had been so profitable lately failed. As soon as traders think they have it figured out, the market changes. Or as Joe Granville once remarked, as soon as you think you have the keys to the market, they change the locks. The question is, will it represent a turning point? The indexes are at some major resistance points here, but we haven't seen much in the way of excessive bullish sentiment that could mark an intermediate term top. The Nasdaq (first chart below) continues to get stopped at the big 2200 resistance level. Support is 2172, 2164, 2150-2156 and 2144. The S&P (second chart) faces resistance at 1229, 1233 and 1236, and major resistance at 1244-1255. Support is 1225, 1220-1222 and 1217. The Dow (third chart) faces resistance at 10,650-10,673, 10,700 (where it failed today) and 10,750, and support is 10,600 and 10,565-10,580. JSTOR: The Wayward Paper Object: Artist's Intent, Technical :: The Wayward Paper Object: Artist's Intent, Technical Analysis, and Treatment . The dip- tych panels bear images that have been solvent-trans- ferred from http://links.jstor.org/sici?sici=0197-1360(199923%2F24)38%3A3%3C411%3ATWPOAI%3E2.0.CO%3B2-3HOME |
Tom Comeau, Geek Dad:: When the goals are more than ordinary, the ordinary distinctions of The Dip fail me. We have a great deal to learn about the Universe beyond, http://tcomeau.org/HOME | Forexpros.com Daily Analysis - 23/06/2008 - Stocks, Futures :: Jun 23, 2008 Close Friday above the 1.5550 area failed to attract more buying, drop into close in stops near the 1.5550 area from late longs; a dip is http://www.traderslog.com/forum/showthread.php?t=10382HOME |
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