Here are the support and resistance for the indices
Index, Close, Support, Resistance
DOW, 7893.95, 7721.10, 7929.26
OEX, 899.31, 895.70, 917.70
SPX, 925.05, 918.70, 943.50
I saw Donald Sew's Index update at
techstocks.com
I don't agree with him that the 13 stocks are in the overbought range. My TA read says that only AMAT is in the overbought range, DELL is approaching it and IBM is below that. CCI I get a buy and all others are in between. Maybe TA ers may want to look into the stocks and do their own homework.
Also I looked at the Sept T-Bonds futures chart and I get a buy signal. I think the T-bonds may test the resistance and then take off. If not on Friday then on Mon, which is Aug 25 and a seasonal high for T-bonds. This means yields fall and the stocks take off. If Aug 25 is seasonal high this could also mean that stocks fall further. We will see.
If the Bonds take off on Monday then the Dow may form the double bottom and that is good TA wise.
Anybody any thoughts on DELL. Conflicting reports. TA wise it is in overbought zone. Some advisors are recommending buying puts on this and others calls. Well both of them could be right just in different time frames. I hope the call buyers are right first.
Kiri |
