hi all,
just a brief post on the overall mkt. In the future, im planning to post weekly on the mkt.
looking at spx, we are in an uptrend WITHIN a larger downtrend. if you notice the last few sessions, we have HIGHER lows, which is bullish.
however, overall, you see a large downtrend -- connect highs of 7/20/98, 8/26/98, and extend that line down.
again, it's a trader's world for these short-term swings.
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I have just received an update version for ADVANCED GET that shows trend strength. Currently, it also confirms downtrend (large picture).
Using the software, important TURNING DATES (direction unknown), OCTOBER 5 to 15 is VERY important. A very big move.
for you dow enthusiast, support at 7500. resistance at 8020ish.
and again, we have a downward trendline connecting peaks of 7/20/98, 8/25/98, and extend it downward.
the new trend strength indicator from GET is also downward.
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Overall, i think we will hold steady for about a week, and then see further downside if 7500 is broken. next support at 7000
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For you dell enthusiast, we have some major moves within the next 2 weeks. direction unknown but my educated guess is a series of up AND down moves within the 52 and 62 trading range.
Have a good week all. |
