Saturday, May 03, 2008 9:20:22 PM
Markets traded to weekly resistances, SPX 1422R and Qs 49R, with highly bullish sentiment after breaking above SPX 1400 and DOW 13000, and Nasdaq 2400.
Daily 200dma for major markets are obvious resistances with overbought condition.
Ideally, it is desirable to pull back during May and resume the uptrend in Jun cycle pivot. Continuing uptrend during May is setting up for a significant correction as daily and weekly are overbought.
I think that we will see a minor correction at this stage.
Daily 200dma for major markets are obvious resistances with overbought condition.
Ideally, it is desirable to pull back during May and resume the uptrend in Jun cycle pivot. Continuing uptrend during May is setting up for a significant correction as daily and weekly are overbought.
I think that we will see a minor correction at this stage.
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