The Bullish Case
Higher highs and higher lows, "W" formation is generally bullish. Pierced 50dma and stayed above it today. RSI dipped below 30 at the recent lows which has marked tradeable bottoms in the past.
stockcharts.com[r,a]dhcaynay[pb50!b200!b30!b20][iUb14!Ll14!Lh14,3!Li14,3!Lo14]&pref=G
Nice rounding bottom on the weekly naz chart. Stochs oversold.
stockcharts.com[r,a]whcaynay[pb50!b200!b30!b20][iUb14!Ll14!Lh14,3!Li14,3!Lo14]&pref=G
Gold looks to have topped
stockcharts.com[r,a]dhcaynay[pb50!b200!b30!b20][iUb14!Ll14!Lh14,3!Li14,3!Lo14]&pref=G
TICK has not gone to high side capitulation levels to mark a top.
VIX is still relatively, high. Chart looks bearish, which would be bullish for the market. Low 20s would be signs of a longer term top.
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Bullish percentages across the board reversed up from low levels.
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P&F charts for the indices are bullish for the most part.
25pt COMP shows a selling climax to the recent lows followed by a low pole reversal and then a subsequent higher low and double top buy. BRL at 1475 gives room to the upside.
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-War with Iraq is expected and therefore likely priced in
-Enron, IMCL and the rest of the scandal ridden companies are out in the open. We all expect companies to be slimeballs now. Priced in
-Low interest rates encourage consumer spending |
