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Maybe it's the Moon, as Ben suggested earlier, this raher skittish market is
showing signs of fizzling around these levels, ESU 1220 and above, and NQ
1550/55
If crude goes up today, then sure as the Moon markets will close lower.
--- Ben <profitok@xxxxxxxxxxxxx> wrote:
> The Dow Industrial Average has broken out of the intermediate consolidation
> pattern, closing above resistance at [3], then drawing into a narrow range at
> [4], before further gains at [5]. Volumes were light until Friday [5] which
> experienced increased selling (signaled by the weak close). Expect a test of
> resistance at 10900/11000. A pull-back that respects 10550 would add
> confirmation; while a retreat below 10550 would signal further hesitancy.
>
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> The last year has established strong support at 10000/9750. There is also
> strong resistance at 11000/11500, shown by price action from 1999 to 2001 and
> by recent highs in 2005. I expect to see a lot more price action between
> these levels before there is a clear breakout.
>
> Twiggs Money Flow (21-day) signals accumulation, with a strong rise above the
> zero line. If the indicator rises above the recent high, without crossing
> below zero, that would be a further bull signal.
>
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> Transport indicators have failed to follow through on recent bear signals.
> Watch for a rally that could take out the recent highs: Fedex above 90.00 and
> UPS, similarly, above its May high.
>
>
>
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>
> The Nasdaq Composite is testing resistance at 2100. A close above this level
> (the high of the January to March consolidation) would signal resumption of
> the primary up-trend. Friday showed increased resistance with strong volume
> and a red candle (weak close); so a fall below 2050 should not be discounted,
> signaling a test of support at 1900.
>
> The market appears to have more confidence in the (Dow) heavyweights.
>
>
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> The S&P 500 shows even greater confidence than the Dow and is close to
> testing resistance at the March high of 1225. A close above 1225 would signal
> resumption of the primary up-trend.
>
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>
> Twiggs Money Flow (21-day) displays a strong bull signal: a pull-back that
> held above the zero line. A rise to a new 6-month high would confirm.
>
>
> > No virus found in this outgoing message.
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>
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