It's hard to get too worked up about today's pullback just yet; for once, it came on declining volume, after yesterday's high-volume breakout in the Dow and S&P (first two charts below). However, sentiment, as measured by the very low equity put-call ratio, is a little too complacent. The one big weakness remains the Nasdaq (third chart below), which can't even clear its 20-day moving average. Resistance is 2090, and support is 2063-2065, 2050-2053, and 2040-2044. The S&P continues to struggle at the major resistance level of 1160, the 50% retrace of the all-time high, and 1173-1177, the 2002 peak, is just above that. Support is 1150, 1145 and 1142. The Dow faces resistance at 10,750 and 10,800, and support is 10,673, 10,650, 10,600 and 10,572.
 EURUSD 1.4589 is Key For Bulls::
Jul 15 - Dollar Plunges; Pullback Probable but Break is for Real from 2.1160 will complete 5 waves -- so far the decline is in just 3 waves.
http://www.dailyfx.com/story/dailyfx_reports/daily_technicey_For_1200664572488.htmlHOME |
Integrated Pitchfork Analysis by Dr Mircea Dologa, MD, CTA::
Online Community for Active Traders, including a Forum, Chat Room, Reviews of Brokers and Trading Software, and Articles on Technical and Fundamental Analysis.
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 Technical Analysis: A Breakout With Volume
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Technical Analysis: Just A Pullback So Far