June 09 : Both the Dow and the S&P are testing a strong one year resistance at the current level. If the resistance breaks we will have further evidence that the long term bear has reversed. See the second and third charts. The Nasdaq has already made a persuasive bottom. With luck it is a leading indicator. The first chart shows the danger of a megatop but also gives reason to think that the markets have bottomed.
The S&P 500 weekly chart showing a turn at 683 on support which is parallel to the regression line in blue. There is still the danger of a double top. But there is every chance that the double top will fail, as did an analogous top in 1974. In other words: fair evidence of a bottom. 
Similar resistance operating for the Dow at around 8,500.
Nasdaq Composite is working ahead of the Dow & SPX
HAPPY TRENDING FOLKS !!!
No comments:
Post a Comment