|
PureBytes Links
Trading Reference Links
|
As it stands, the SP rally is overbalanced in time as the previous 2
rallies have been 7 days and declines 10-12 days. I don't have a time
cluster today, however this rally has lasted 9 days which is bullish but
time for correction. The big negative is the huge spike close to my
price objective followed by an apparent sharp reversal. Should SP close
below 1327 (basis March), it would seal a weekly bearish reversal
through the weekly Oct98-Oct99 trend line. The price pattern of the
rally off the low appears to be shaping up as an ABC which is not
bullish. I would have more confidence in the NYSE buy signal yesterday
if today had features a pullback without the rally to new high.
Earl
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, March 10, 2000 9:24 AM
Subject: [RT] SP500.... Change in trend time?
> Regarding S&P500 and NASDAQ,...several things bother me here,...
> including a pervasively weak P/C ratio,...(psychology
"overbeleived"),...
> and S&P500 at key downtrend resistance cash 1406 level,...etc.
>
> My concern here is that I am expecting a pivot date on Fri. 03-10
> to Mon. 03-13. This is based on a confluence of methods all
indicating
> this time frame as being a likely "Change in Trend",....more likely
than an
> "Acceleration" point up through down trending resistance,..etc.
>
> Anyone else share similar expectation for an imminent move lower?
>
> Regards, JIM Pilliod jpilleafe@xxxxxxx
>
>
>
|