Monday, April 02, 2007 6:27:51 PM
Market bounced off at the triangle TL supports, Qs 43.30 and SPX 1416 as shown on the 60m charts after the weaker ISM report at 8:30am. SPX 1425 +/- and Qs 43.60 are intraday resistance which we need to see trading above the resistance for further upside price actions.
Qs intraday shows a resistance at 43.80 and then 44 which is the triangle down TL. The gap resistance which was the last intra high was at 44.44 which I do anticipate that Qs will trade above it to close the run-away gap. SPX 1425 is intraday resistance and 1430 down TL resistance. Unlike Qs-NASDAQ, SPX and DOW do not have "Runaway" gap; however, as we can see the Qs-NASDAQ gaps were served as resistance for "double bottom" and "W" formations.
NASDAQ 2440 is a resistance and 2460 which was the late March '07 high at where Nov-Dec 2006 peaks were.
Market actions have not negated the "Breakout Retest" scenario which is filling the gap, retesting the Feb '07 high, and possibly making new highs. As of today, the "Breakout Retest" scenario is valid.
Qs intraday shows a resistance at 43.80 and then 44 which is the triangle down TL. The gap resistance which was the last intra high was at 44.44 which I do anticipate that Qs will trade above it to close the run-away gap. SPX 1425 is intraday resistance and 1430 down TL resistance. Unlike Qs-NASDAQ, SPX and DOW do not have "Runaway" gap; however, as we can see the Qs-NASDAQ gaps were served as resistance for "double bottom" and "W" formations.
NASDAQ 2440 is a resistance and 2460 which was the late March '07 high at where Nov-Dec 2006 peaks were.
Market actions have not negated the "Breakout Retest" scenario which is filling the gap, retesting the Feb '07 high, and possibly making new highs. As of today, the "Breakout Retest" scenario is valid.
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