Paul,
The resilience of this market is incredible. However, once people stop buying, it's a bubble waiting to pop. Last week's mutual fund input was slightly greater than the 4 week average and down from last years figures year on year. And I have been calling for a correction to the 7,900 level for a month now. Here are my best guesses, IMHO:
Support level #1: 7,800
Support level #2: 7,100
Support level #3: 5,700
Support level #4: 5,100
Support level #5: 2,700
Resistance level #1: 9,200
Note: others have shown 8,600 to be a formidable resistance area although I have not been able to duplicate that with my charts at this point.
Bill |
