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DAILY CHARTS / MONDAY - TUESDAY
DJIA:
The lack of follow-thru to Friday's robust rally both on Monday and
today, Tuesday, ought to be
worrisome for the bulls, because it suggests that a double top may be in
the making.
DJTI:
It continues to consolidate below resistance. The bears have something
to "hang their hat on"
as long as this index doesn't close above resistance. In fact, this
index may be giving the bulls an
advanced warning, if they care to see it.
SP500:
The lack of
follow-thru to Friday's robust rally, both on Monday and today, Tuesday,
ought to be worrisome for the bulls, because it suggests that a double
top may be in the making.
NASDAQ:
It has spent
almost two months below resistance. This index needs to get above 2115
and stay above it if the bull run is going to continue higher.
HUI:
It met its upside target of 210, so a pullback can be expected.
US
Dollar: It pulled back from resistance, and it is now testing channel
support.
Utilities:
It broke above resistance suggesting an upside target of 360.
Spot
Oil: Resistance at $50.00, and support at $45.00. If it closes above
$50.00,
the next upside target is $52.50. If it closes below $45.00, the next
downside target is $42.50.
The
BSE has been declining while price has been advancing, which means so
far the gains have
been fueled by short covering. If the rally is to last, real buying has
to take place.
The
BSE has been declining while price has been advancing, which means so
far the gains
have been fueled by short covering. If the rally is to last, real buying
has to take place.
The
T.O. has yet to experience a positive cross-over, which makes the
current move suspect.
The
T.O. has yet to experience a positive cross-over, which makes the
current move suspect.
The 10/20 day TIs
indicate that the trend is NEUTRAL
for the NASDAQ
(we need 2 consecutive days of downside action by both TIs to confirm a
change in trend).
The 10/20 day TIs
indicate that the trend is UP for
the SP
(we need 2 consecutive days of downside action by both TIs to confirm a
change in trend).
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MAX/MIN.
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MON.
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TUE.
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WED.
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THU.
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FRI.
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MAX/MIN.
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MON.
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TUE.
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WED.
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THU.
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FRI.
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-/+30
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2
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|
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3
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Notice that the
Quantifiers turned down today, which means either we'll get another test
of the zero line,
or the rally will fizzle out within the next 1-3 trading days
Click
here
to learn more about this indicator
SUMMARY
(2-15-05)
Both yesterday, and today we got no follow-thru to Friday's robust
rally, which is not a good thing! However, sometimes the markets do
"pause" for a day, or, two, before they power up higher, so
maybe the bulls will show what they've got over the next three
days. However, make no mistake, unless the indices overcome resistance
and begin to accelerate to the upside, the rally will come to an end, by
week's end, if not sooner.
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Support
and Resistance Levels to Watch For |
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DJIA |
SP500 |
NASDAQ |
| 2nd
Upside Target |
11500 |
1235 |
2250 |
| 1st
Upside Target |
10975 |
1220 |
2180 |
| Resistance |
10875 |
1210 |
2115 |
| Support |
10750 |
1180 |
2070 |
| 1st
Downside Target |
10500 |
1165 |
1970 |
| 2nd
Downside Target |
10380 |
1150 |
1900 |
Ike
Iossif
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