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The markets have responded to the early week
signals to rally and the question now is What's next?
I use the Russell as the best representation of the
total market and on a weekly chart it achieved all the correction we could
expect and actually has given a buy signal this week. The DOW and NASDAQ have
both reversed at levels that suggest the bull is not dead. The S&P did not
quite reach its expected correction level and also has yielded an impressive
reversal to the up side.
On the daily charts the S&P , DJIA and Russell
all have near impulse dates tomorrow so I expect this rally to end tomorrow. The
level of the price decline will tell us more about the longer term picture. Next
week the date to watch is 8/15.
Best Regards,
Jim White
Pivot Research & Trading
Co.
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