Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Jack of All Trades who wrote (134381)	7/14/2006 9:28:58 AM
From: skinowski	Respond to of 209892

Fwiw, I checked EWI's update under the "free week". Interesting. US Stocks Overview (Intraday) Posted On: Jul 14 2006 9:13AM ET / Jul 14 2006 1:13PM GMT Market overview: Good morning. Yesterday’s decline that took both the S&P and the Dow below their respective longer-term key projection levels, added significantly to the overall bearish view of the action down off the early May peak. Yet, breaks of important support most often sets the stage for a retest of same, so our bearish model should include allowances for these market specific levels to be retested. As long as no appreciable penetration of these key numbers is seen, then near-term expectations would be for the proverbial bottom to fall out across the board thereafter. In any event, as long as trade in the S&P remains under 1259.50 in the futures and 1254.66 CASH and the Dow stays under 10,955, those markets will remain in the bearish mode. An important level to stay below in the NASDAQ futures is 1517/1519. Failure to respect these levels in the event of renewed strength would warn that at least the near-term bearish count is flawed. If already positioned short hold it. Otherwise, a patient stance to allow prices to present a more favorable entry level, if not a less risky one would be appropriate. For today, internal wave counts and very near-term technical cycle lows are suggesting a bounce may be the next order of business. As noted however, as long as it does not get carried away the ultimate resolution is expected to be a resumption of the decline. Tom Prindaville