Look at this interesting chart..
quote.yahoo.com^SPC&d=5d
Now I think 1300-1305 area has been a minor support on the way down to 1278, I would think that 1318 is a clear resistance now and 1328 the next, if we take these out we go back to 1355 in few sessions, we fail at these levels we come back to test 1292 or even 1250 support but BKX will be key here if 850 is solidly maintained we go higher from here to 872 we have only air between 852 and 872,
quote.yahoo.com
the test will be perfect, if BKX turns corner we may see 1328 been taken out, if BKX fails at 850 once again 800 will again be on cards but I would suspect this will only happen on back of bad economic or strategic number.. NDX 1960 test was below my 1980 level but look at this rebound
quote.yahoo.com^NDX&d=5d
2050 is a small resistance once this is taken out I see 2120 as the next target if we fail at 2020 we will see big weakness again, read it with BKX closely.. ^IXIC symbol for COMP on Yahoo is one of the most important charts..2320-30 area goes back to some time since last three months it is a solid support, last night we turned up from 2339 well below my 2360 but as you know inter-day we can go down and spend less than one hour and come back up with BKX showing signs of strength that test of 2339 was a great test of lows...2490-2500 remains a solid obstacle hard to penetrate until inflation worries are over... but so far so good to pick a small drop shorted it and long from the bottom..
quote.yahoo.com^IXIC&d=3mm
Global markets as I predicted were positive and probably will remain positive, the spillover impact never materialized. I had clearly outlined that anyone expecting that domino of global crises will be severely depressed that exactly happened, I am closely watching it the cycles of US and Global markets are at divergent pattern, the shorts of yesterday would find the going difficult as ASEA and Europe turn positive in the morning, that Oct 97 late night watching for big falls in ASEA is all over..
quote.yahoo.com
Predictions need to be back tested, if they don't add up, it is better to wind up the shop.. I do it regularly and I think that is very very important to see if magic works, if ones logic gains currency.. |
