Thursday, March 29, 2007 10:15:57 PM
Hi WB, yes, AAPL formed "hammer" at the breakout SUPPORT which is a good support area.
I hope that you had a good day.
Best wishes
This is my market thoughts:
The last five trading days and today market actions are exactly what I have anticipated as commented on March 21 rally after the Fed announcement -- a period of mild profit taking and consolidation days in low volume. Also noted on Qs support 43.30 +/- and SPX 1410 +/- as the reversal points at which we saw today that market has reversed going into close.
MARKET DIRECTION
Let's recap the recent market actions. Market sold off on 2/27/07, then formed "Double Bottom" with "W" formation. This is based on "Breakout Retest" scenario which I commented when i called the double bottom which the call is based on other market analysis, but the strongest technical factor for the reversal is "Breakout Retest" Scenario. The scenario suggests that we will see "Filling the run-away" gap, and possible "Making new highs". As I noted earlier, today was technically Pivotal Day for the market. The pivotal day when Bulls and Bears fought to gain their grounds and so far bulls won the battle as we see that market was supported at the aforementioned major support area.
We can say that the reversal was due to the EOM/EOQ market actions; but, also, the reversal was technically forecasted 5-trading days ago. We now have confirmed a reversal at the targets, i.e. Qs 43.30 +/- and SPX 1410 +/-, "Breakout Retest" scenario to fill the run-away gap and possibly making new high can be anticipated.
BREAKOUT RETEST
We now have two major views for future market actions as I commented on 3/11, "Breakout Retest" vs "ECM cycle top as of 2/27/07". http://www.traders-talk.com/mb2/index.php?showtopic=68420
While I do respect the recent pull back from 2/27/07 as I predicted the sell-off as well, I do not believe that we have the LT top as of that day. This belief is consistent with my forecast to SPX 1550 +/- during Jun-Jul 2006 that we will see a retest of the Mar 2000 high. I am not saying that we do not have the LT top as of 2/27/07 because I forecasted that we will see SPX 1550 +/- during this year, but it is because, based on my TA analysis and market sentiment, we do not have the LT top. I stated the reasons for my belief that we will see new high toward SPX 1550 +/- which I will state again in the future, but for now, market has not negated the SPX 1550 +/- target. I know that we have problems with inflation, Iran issues, subprime market, etc.; but, considering all the factors, unless proven otherwise, we will see higher than SPX 1460.53 which is the intra high of 2/20/07.
INTRADAY MARKET ACTIONS
As commented during premarket, the morning gap is faded trading to lower. I also noted that intraday pivot was 43.68 and when it broke the pivot, it traded to targeted Qs 43.30. Even though Qs were breaking noted Qs 43.30, market was oversold. As I noted that it is building a base, we saw market was trading higher into close. The link below is real time calls. http://www.traders-talk.com/mb2/index.php?showtopic=68412
As noted earlier before the reversal at 2:30 PM into closing, intraday is oversold; thus, I am anticipating further price advancement.
http://www.investorshub.com/boards/read_msg.asp?message_id=18334432
I hope that you had a good day.
Best wishes
This is my market thoughts:
The last five trading days and today market actions are exactly what I have anticipated as commented on March 21 rally after the Fed announcement -- a period of mild profit taking and consolidation days in low volume. Also noted on Qs support 43.30 +/- and SPX 1410 +/- as the reversal points at which we saw today that market has reversed going into close.
MARKET DIRECTION
Let's recap the recent market actions. Market sold off on 2/27/07, then formed "Double Bottom" with "W" formation. This is based on "Breakout Retest" scenario which I commented when i called the double bottom which the call is based on other market analysis, but the strongest technical factor for the reversal is "Breakout Retest" Scenario. The scenario suggests that we will see "Filling the run-away" gap, and possible "Making new highs". As I noted earlier, today was technically Pivotal Day for the market. The pivotal day when Bulls and Bears fought to gain their grounds and so far bulls won the battle as we see that market was supported at the aforementioned major support area.
We can say that the reversal was due to the EOM/EOQ market actions; but, also, the reversal was technically forecasted 5-trading days ago. We now have confirmed a reversal at the targets, i.e. Qs 43.30 +/- and SPX 1410 +/-, "Breakout Retest" scenario to fill the run-away gap and possibly making new high can be anticipated.
BREAKOUT RETEST
We now have two major views for future market actions as I commented on 3/11, "Breakout Retest" vs "ECM cycle top as of 2/27/07". http://www.traders-talk.com/mb2/index.php?showtopic=68420
While I do respect the recent pull back from 2/27/07 as I predicted the sell-off as well, I do not believe that we have the LT top as of that day. This belief is consistent with my forecast to SPX 1550 +/- during Jun-Jul 2006 that we will see a retest of the Mar 2000 high. I am not saying that we do not have the LT top as of 2/27/07 because I forecasted that we will see SPX 1550 +/- during this year, but it is because, based on my TA analysis and market sentiment, we do not have the LT top. I stated the reasons for my belief that we will see new high toward SPX 1550 +/- which I will state again in the future, but for now, market has not negated the SPX 1550 +/- target. I know that we have problems with inflation, Iran issues, subprime market, etc.; but, considering all the factors, unless proven otherwise, we will see higher than SPX 1460.53 which is the intra high of 2/20/07.
INTRADAY MARKET ACTIONS
As commented during premarket, the morning gap is faded trading to lower. I also noted that intraday pivot was 43.68 and when it broke the pivot, it traded to targeted Qs 43.30. Even though Qs were breaking noted Qs 43.30, market was oversold. As I noted that it is building a base, we saw market was trading higher into close. The link below is real time calls. http://www.traders-talk.com/mb2/index.php?showtopic=68412
As noted earlier before the reversal at 2:30 PM into closing, intraday is oversold; thus, I am anticipating further price advancement.
http://www.investorshub.com/boards/read_msg.asp?message_id=18334432
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