Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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To: AllansAlias who wrote (1513)	7/30/2008 10:11:58 AM
From: AllansAlias	Read Replies (1) of 3209

Very interesting juncture yesterday and today. Yesterday, it was pretty clear that it was the "day of decision" and, now today, it is the day of resistance. There are any number of charts at s-t resistance, and some at longer-term resistance/longer-term setups that would have implications for the next few weeks/couple of months. It would be no small feat if the Nasdaq can move about 1% higher here -- which would chew through the obvious s-t horiz/sloping resistance evident on a daily. I have no strong feeling about the close here. I am long, so we know what I hope, but this could still go either way for me. I will say this, the normal expectation would be for index prices to struggle for the next few hours. If they do not, I think it is very bullish for the day and we'd see a rise into the close and a 3% up day. (Nasdaq currently +0.5%) Remember the maps posted this weekend? The wiggle underpinning saw us entering soon a 'C' up. Presuming we started that yesterday, we should hit the wave 'iii' of it soon. If prices do not move hard to the upside in the next couple of days, it is a warning that the map is wrong.

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