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Clyde's quick hand swing projection of 700 provided a bit of inspiration to
consult the planets for next week's events. If we may be permitted to
deviate from the traditional tech and venture into
astrotech for a bit of Sunday comics we get a picture of the OEX passing
through the bearish harmonic
mirror alluded to in weeks past. We said it would take price and time to
pass through this mirror and then continue on with the bullish trend. The
OEXbear and OEXbull show just how close this is to happening. The darkgreen
"Venus" line on the OEXbear shows that the OEX could breakout this coming
week. It would then find resistance at 761.5 and 774.5. If it falls back
within the bear channel then the Sun/Earth green line at 727.5 is support.
If we
look at the OEXbull chart we see that the Mars N line has been providing
support after it passed the N/Y aspect(intersection). Lunarwise speaking,
Monday is a First Quarter Moon, a halfway point between the New Moon sell on
3/6 and the next Full Moon buy on 3/20. I.E., McClellan oscilator is
neutral, net up and down volume turned neutral. This next week we do have
an important conjunction of Mercury with Venus on 3/15(bullish). Mercury
has been in retrograde and will soon go direct(bullish). On 3/16 Venus
will be conjunct with the Mars Y line(a bullish event) and then on 3/17
Mercury will be conjunct
the Mars Y line as it goes direct(bullish). Mars Y is a bearish line. So,
from this viewpoint Wed, Thurs, Friday of next week are going to be filled
with more than the usual excitement. I would expect VIX to have some wild
swings or a strong move to 20 or 30 going into expiration. This all comes
in advance of the Full Moon on Monday 3/20 and the FOMC on 3/21.
Cheers,
BR
Attachment Converted: "f:\eudora\attach\OEXbull.gif"
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