Anavex Life Sciences Corp (AVXL)

[sab63090]

I mentioned yesterday that the triangle pattern I thought projected a run towards $14.50 was a "busted pattern"...so my bad on that!

It seems to me that support is close by; I'm thinking 11.50 and then 11.00 near term. Also, we have an uptrend in force from the low around $9.00...it hits around current levels. If that does not hold my next best level would be to the 50 day/200 day converging intersection (10.40 to 10.60)...the 50 day should give a golden cross next week....that's a pretty strong area of support.

Some interesting things: the AP reporter who asked Powell about the strength in the market either misspoke when he suggested the market was strong or did so on purpose...I don't know. Also, I saw something very interesting: CEO Business Confidence is at the lows seen in 1991, 2002/2003, 2009, 2020, and 2022....ALL of these levels coincided with the lows in the S&P 500... As they say: we'll see!!!