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Market Overview

 
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arthur
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PostPosted: Sat Aug 07, 2004 1:55 pm    Post subject: Market Overview Reply with quote



Market Overview: The SPX inverse head & shoulders pattern is no longer intact (see large circle). Next major short-term support is roughly 1,063 (where it closed Fri), a previous congestion area with extended price by volume (see medium size circle). The next major support level is roughly 1,050 (a previous congestion area). Next major resistance is 1,076 to 1,078 (previous lows). SPX fell sharply late last week on roughly average volume and RSI is below 30, which is oversold (see small circle). Therefore, I tend to believe, SPX will bounce early next week to roughly 1,078. If SPX can hold 1,078, then next major resistance is at its 200 day MA (currently 1,108). Also, 1,100 may be an important psychological resistance level. Daily volume should provide clues. An above average volume day to a rise above 1,078 would make me bullish for a further rise in the subsequent days. Buyers may wait for the Fed announcement Tue (Aug 10th).
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