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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 670.21-1.1%4:00 PM EST
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To: GROUND ZERO™ who wrote (55908)12/15/2013 11:14:42 AM
From: Kirk ©4 Recommendations

Recommended By
3bar
DD™
Machaon
Runomo™

  Read Replies (2) of 218500
 
I have updates to my charts showing resistance and support. I added the green line for a support level I believe you posted here or in a subscriber email.
I think the fever has broken, this rally is now under way...
This would be the perfect launching pad, especially for the Dow and SPX...

Notes: My Observations for the Dow, S&P500 and NASDAQ
  • In October the Dow ($INDU in my two charts) corrected to its 200-DMA than in November it surged to a record high above a dashed green resistance-turned-support line to the dashed-red resistance line. From this high, the Dow corrected to where it is now testing the dashed green resistance-turned-support line from above.
  • The S&P500 ($SPX in the graphs) is also testing resistance turned support from above. Ten days ago I wrote:
    • "That line would be the first level of strong support if there is any further market weakness."
  • The NASDAQ briefly tested its 20-year support-turned-resistance-back-to-support line from above in October and remains very strong with a very small pullback relative to the Dow & S&P500..
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