| Expiry weeks are notorious for producing volatility, but today was over the top. The bulls had downtrend line breakouts on all the major indices today (see charts below) and blew it. Clearly, the market's not done with its bottoming process yet. At this point, we'd like to see a 90% downside day to exhaust sellers so they won't keep a lid on every rally attempt. Still, there's been enough put-buying to spark sharp rallies, so at some point one of them will stick. The Nasdaq (first chart below) has resistance at 1915, 1936 and 1948, and support is 1878, 1865 and 1842. The S&P (second chart) has major support at 1075-1083, and major resistance at 1103-1107. The Dow (third chart) faces resistance at 10,000, 10,035-10,048 and 10,060, and support is 9900, 9880, 9852 and 9822. Forex Secret - Trend Reversal Classical Figures in Technical ::
Classicists of technical analysis of Forex describe all figures of the trend continuation and reversal in such a fuzzy (vague) manner!
http://ezinearticles.com/?Forex-Secret---Trend-Reversal-Classical-Figures-in-Technical-Analysis-at-Forex-Market-(Part-I)&id=570003HOME |
S&P 500 Becomes a Bear Market::
Quite frankly, I don't put much stock in the 20% bear market theory - I prefer them up for a reversal. And who said technical analysis was complicated?
http://www.smartprofitsreport.com/Archives/Sector_Watch/2008/bear_markets10.htmlHOME |
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Technical Analysis: Quite A Reversal