Magnets for Dow, SP5
Dow: 7192, 7340, 7425, 7458, 7591, 7585 to 7595, 7768 to 7696, 7724, 7933, 8021.5 to 7920.6 (not actual magnet trendline), 7997 to 8012 (not actual magnet trendline), 8352, 8561
Dow directional indicators are still pointing down but the pace of decline has slowed. Looking for a fairly flat Monday as the indicators reverse themselves. I liked the bounce off the trendline which now has a start of the week value of 7585. Market will be hard pressed to get past 8021.5 trendline this week. Will be interesting one for sure. Magnet trendline crossover on the Dow 10/15. That is D-day (plus or minus 5 trading days)
SP500: 913, 922 to 923, 929, 932, 956 to 958, 957, 981, 1005.5, 1009 to 1011, 1013 to 1006, 1018 to 1005 (not a magnet trendline), 1030, 1032 to 1034, 1041.7, 1054.4, 1078.8, 1103, 1127.7
SP5 needs to stay above 932 going into WED. WED there are three important trendlines crossing. Two of which are magnet trendlines and the third is the short term downtrend overhead trendline. They cross on WED. WED, WED, WED.... Not really sure what to expect going in as the SP slipped below its current magnet downtrend (1013-1006) last week. Still above 932 which is the current magnet area which needs to hold before WED. Would really like to see SP5 above the current magnet downtrend going into WED. but indicators are similar to Dow30. Looks like a flat Monday to me.
ht
david |
