LG, I'm waving that flag right now on the COMP. The lower boundry interesects some interesting support at 1306 or so. The upper boundry also is headed into some heavy resistance. I think you've got to respect the flag first and the fib's 2nd in this instance. The flag is just too far along to be ignored.
Looking at the calendar, we just got done with options expiration, and we've got window dressing around the corner.
I could see us dropping early this week and turning up at the lower boundry of the flag and challenging the upper boundry at 1400 near the end of the month.
After that, I believe the flag breaks, and we drop to 1000 COMP and the low 700's on the SPX>
BTW, if anyone wants to see where Zeev gets his rally to 1500, all you have to do is look at the monthly COMP chart. That's the level where the falling resistance line off the 2000 highs run. That line has reigned in every rally except one.
That line will be near 1450 in September, so if we are held up at just above 1400 COMP in the end of August, don't expect us to go much higher in September.
BTW, the NDX chart may actually be the better gauge here, using the falling resistance line off the 2000 high through the Dec. high results in a maximum top around 1060 NDX in August and 1020 or so in September, I believe.
LG, you have a bullish bias, but I can't believe it can be very bullish with the chart formations, bear flags, and heavy overhead resistance that has not been taken out in 2-years.
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