AI
Tuesday, September 23, 2003 9:07:29 AM
Morning Bernard
Futures are hitting resistance overnight but the FTSE is trying to regain support at it's open, redline test. The TNX is still holding above it's 100/320SMA also. A failure of the FTSE to hold above 4200 and the TNX failing to hold support above it's 100/320SMA will be the signal the Markets will decline further, most likely with INDU failing at 9500 also. As long as those Support levels hold then I would anticipate further consolidation from the markets with limited upside. If those support levels fail then I believe we will get a rinse down to 9400, which I believe will hold support, JMHO though. The next three weeks should be the deciding factor IMO, much as last year, but I will rely on the INDU 100/320SMA to tell me when to change back to Bullish. For now the Plan is in Bearish mode and might indeed stay there a while.
Enjoy the Day Bernard! :^)
Futures are hitting resistance overnight but the FTSE is trying to regain support at it's open, redline test. The TNX is still holding above it's 100/320SMA also. A failure of the FTSE to hold above 4200 and the TNX failing to hold support above it's 100/320SMA will be the signal the Markets will decline further, most likely with INDU failing at 9500 also. As long as those Support levels hold then I would anticipate further consolidation from the markets with limited upside. If those support levels fail then I believe we will get a rinse down to 9400, which I believe will hold support, JMHO though. The next three weeks should be the deciding factor IMO, much as last year, but I will rely on the INDU 100/320SMA to tell me when to change back to Bullish. For now the Plan is in Bearish mode and might indeed stay there a while.
Enjoy the Day Bernard! :^)
Good Luck to All! :^)
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