AI
Tuesday, July 08, 2008 7:30:54 PM
~~ Market Signals ~~ 080708
Markets rallied from pivotal supports in noted Megaphone RST formations for SPX 1240 and DOW 11120. Nasdaq 2210 and Qs 4424 are pull back targets and pivotal supports at which markets reversed. $BKX 59.38 reversed from 54 noted LT RST support. Oil 136.70 retrieved from 146 which is near LT projected target 150 shown on the VLT chart, conversely, $TRAN rallied to 4921 from 4650 support. As more solar car becomes popular, oil price will substantially fall which will also stimulate next economic growth. Trading volume was higher during the last few days with higher VIX with consolidating formations which can be seen on DOW round bottom with positive divergences on weekly and oversold daily price actions. We will likely see a bottom at this level even though earning reports are uncertain. Prior to the recent pull back, on weekly price actions, the rally from Jan-Mar 2008, were showing positive divergences while daily price actions were showing negative divergences. Now, we have positive divergences on daily and weekly. With weekly +D ZLR and megaphone formations, it is likely that we have seen the bottoms.
Markets rallied from pivotal supports in noted Megaphone RST formations for SPX 1240 and DOW 11120. Nasdaq 2210 and Qs 4424 are pull back targets and pivotal supports at which markets reversed. $BKX 59.38 reversed from 54 noted LT RST support. Oil 136.70 retrieved from 146 which is near LT projected target 150 shown on the VLT chart, conversely, $TRAN rallied to 4921 from 4650 support. As more solar car becomes popular, oil price will substantially fall which will also stimulate next economic growth. Trading volume was higher during the last few days with higher VIX with consolidating formations which can be seen on DOW round bottom with positive divergences on weekly and oversold daily price actions. We will likely see a bottom at this level even though earning reports are uncertain. Prior to the recent pull back, on weekly price actions, the rally from Jan-Mar 2008, were showing positive divergences while daily price actions were showing negative divergences. Now, we have positive divergences on daily and weekly. With weekly +D ZLR and megaphone formations, it is likely that we have seen the bottoms.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
