AI
Welcome aboard, Greenstreet, happy to see you and we are looking forward to your market insight. Best wishes...
~~~
Markets traded above intraday down TL resistance from Feb '07 high to Mar 07 high as shown on intraday 60m charts with Triangle formations with "Double Bottom - W". The formation is now showing Cup-Handle breaking above the Jan '07 high resistances.
To reiterate the significance of Technical Aspect of the recent price action is "Breakout Retest" formation which is bullish leading to new highs, retest of previous highs, or lower-highs. Technically, "Breakout Retest" formation is normally making new highs, but I was conservative as to my sentiment on the market to "Retest the Feb '07" high, as possibly making new highs.
I alerted LT "Breakout Retest" support when I called March 5 bottom and "Retest of the Low" with "Double bottom" when I called 3/14 bottom. Since then, Market consistently signaled "Retest of Breakout" scenario.
Qs intra high 44.31 was R3 and SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. DOW intra high, 12534.27 is Feb '07 low, but closing above 50ma and making higher high of Mar '07 is progressively positive. NASDAQ didn't trade above Mar '07 high; but, it is trading above 50ma resistance.
Technically, price actions shown today is positive. We are going into earning seasons, thus I am expecting volatility; however, I believe that market will sustain positive bias even though market may not show frequent robust price actions to upside as we have seen today. Having said that, I made a comment that there is a good possibility that buying pressure could continue if and when resistances are taken out since many are in short-positions and in cash waiting for directional confirmation or for further pull-back. This is the similar scenario which I alerted during Jun-Jul 2006 bottom warning Shorts to cover. However, I am not as bullish as I was during Mid 2006; therefore, I am being conservative even though I still believe that we will see SPX 1550 +/- in 2007.
CONCLUSION: The intraday breakout to upside is another confirmation of market is in "Breakout Retest" price advance. As noted before, Breadth is improving to confirm the scenario. Therefore, "Breakout Retest" scenario is valid which is shown through technical price actions.
~~~
Markets traded above intraday down TL resistance from Feb '07 high to Mar 07 high as shown on intraday 60m charts with Triangle formations with "Double Bottom - W". The formation is now showing Cup-Handle breaking above the Jan '07 high resistances.
To reiterate the significance of Technical Aspect of the recent price action is "Breakout Retest" formation which is bullish leading to new highs, retest of previous highs, or lower-highs. Technically, "Breakout Retest" formation is normally making new highs, but I was conservative as to my sentiment on the market to "Retest the Feb '07" high, as possibly making new highs.
I alerted LT "Breakout Retest" support when I called March 5 bottom and "Retest of the Low" with "Double bottom" when I called 3/14 bottom. Since then, Market consistently signaled "Retest of Breakout" scenario.
Qs intra high 44.31 was R3 and SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. DOW intra high, 12534.27 is Feb '07 low, but closing above 50ma and making higher high of Mar '07 is progressively positive. NASDAQ didn't trade above Mar '07 high; but, it is trading above 50ma resistance.
Technically, price actions shown today is positive. We are going into earning seasons, thus I am expecting volatility; however, I believe that market will sustain positive bias even though market may not show frequent robust price actions to upside as we have seen today. Having said that, I made a comment that there is a good possibility that buying pressure could continue if and when resistances are taken out since many are in short-positions and in cash waiting for directional confirmation or for further pull-back. This is the similar scenario which I alerted during Jun-Jul 2006 bottom warning Shorts to cover. However, I am not as bullish as I was during Mid 2006; therefore, I am being conservative even though I still believe that we will see SPX 1550 +/- in 2007.
CONCLUSION: The intraday breakout to upside is another confirmation of market is in "Breakout Retest" price advance. As noted before, Breadth is improving to confirm the scenario. Therefore, "Breakout Retest" scenario is valid which is shown through technical price actions.
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.
