Daily Report November 19th, 2003
Dear Member,
-Stock Indices: Nasdaq Comp, DJI, S&P500
The chart for the end of the movement, identified in the form of a wedge, is over for the Nasdaq. The support level at 1890 was broken, the Rsi support too.. The S&P and the Dow did not yet officially put an end to this chart; the supports levels at 9600 and 1025 are still left intact. For now, the Nasdaq is the only one to have started the correction, but it is only a question of time for the S&P and the Dow. The trend has just changed; the bullish cycle that had started from March is done. We now will work a correction for the indices towards the base of the wedge at 1640/1600 for the Nasdaq, 975/960 for the S&P and 9000/8850 for the Dow.
For the Canadian Tsx, the situation is a little bit different because its weighting is different from the U.S. indices. The heavy weights of the Tsx are the banks, metals and the resources. For the banks, the trend is toppish, but for the metals it still may have a little rise. The Tsx, as it had done with the top from 2000, can form a last surge to 8100 before forming a top while the U.S. indices are in a rebound. But if its rendez-vous is like the U.S. indices, the low of wave 4 is at 7000/6900.
The correction is occurring; any rebound now will be used to sell into. The first support level for the Nasdaq is at 1855/1840, a rebound is expected to start from these levels to reach 1900/1920 which will be followed by a resumption for a fall to 1790 then to the objectives of 1640/1600. For the Dow and the S&P, the first support levels are at 9500 for the Dow and 1018 for the S&P, the intermediate supports are at 9230 for the Dow and 990 for the S&P and the objectives for the correction are at 9000/8850 for the Dow and 975/960 for the S&P.
For this morning, the numbers are due out for the real estate at 8:30 a.m.
Resistances Short term
Nasdaq: 1900, 1920, 1934,1944,1966
S&P500: 1044, 1049, 1053, 1063
Dow: 9710, 9745, 9790, 9818, 9890
Supports Short term
Nasdaq: 1870, 1840, 1792, 1735, 1640
S&P500: 1027, 1020, 1000, 990
Dow: 9600, 9450, 9230, 9000
Have a nice day,
Jean M Bourgineau
Earnings
Date Compagnie Symb Time Esti
11/19/03
11/20/03 Brocade Comm BRCD Aft Mkt 0.019
Gap Inc GPS Aft Mkt 0.274
Walt Disney Co DIS Aft Mkt 0.153
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