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The rally today happened on que fueled
by the decline in the energy sector. I expect the rally to terminate on
Friday or Monday with the DJIA around 10520 and the QQQ around
37.78.
The next significant low would be expected around
10/13 to 10/15.
Jim White
----- Original Message -----
Sent: Friday, June 24, 2005 7:19 PM
Subject: [RT] More worries for the
market
Earlier in the week I posted models of the NYSE and NASDAQ
showing a
reversal confirmation based on market breadth.
The
attached charts show the daily and weekly S&P 500 index with paint
bars
representing sychronization of significant cycle lengths in the
market.
These colorbars are usually within three days of major market moves
and the
weekly can be used to establish preferred trading direction. As you
can see,
it looks bearish. Furthermore all major indexes show the same
thing.There is
no guarantee that we could not see higher highs and in fact
I see the
potential for a short term reversal on Tuesday of next week
but generally I
see little hope for an extended summer rally. I warned of
this a week ago
and this adds more confirmation.
Next weeks upward
reversal could be fueled by a significant decline in the
energy sector but
there are too many factors favoring the continued climb in
crude oil prices
so I see it as a temporary reaction.
Regards,
Jim White
YAHOO! GROUPS LINKS
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