3-22-01 low was 1794 with a 1897 close.
Attached are the same charts that have been posted for some time. For now
the daily MOB support seems to be holding, having penetrated the bottom of
it on 3-22-01 and reversed back up to the upper part of it (see blowup).
Still looking for some sort of confirmation signal by either the regression
channels or ma channels. Timing appears to be right on the window (between
the black vertical bars of 3/7 and 3/30).
A possible all clear signal (albeit temporary since this is likely a wave 4
rally on the weekly which by the way has a nice internal 5 wave count to it
also) will be a close above either and a take out of the high of that bar.
Numbers to watch over the next three days are listed below.
"Blue" "Red"
Date 6/4 ma channel 6/4 ma channel Regress.
3/22 2023 1941 1991
No signal
3/23 1995 1912 1953
3/24 1990 1901 1914
3/25 1970 1882 1882
This market still remains potentially dangerous and valuations are a concern
in light of economic conditions. Certainly one should be clear on their
investment time horizon and be selective on any individual stock picks. Time
to put some money to work (or cover shorts) perhaps for a wave 4 rally
(potential to carry to 2700-3000+) but certainly only a portion and hold the
rest for a better opportunity should it develop. We will know move from the
form and shape of the wave 4 "if" it unfolds.
Good luck and good trading,
don ewers
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