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Four months ago, we presented Bullish: Like There's No Tomorrow, which presented a bullish view and critical-mass-breakout buying opportunity for long term-investors interested in capturing further upside potential in the Wilshire 5000 index. We don’t get fooled again: Those adhering to the general protocols outlined in that piece are flat - as they now hold this index sternly to task - awaiting a long-side re-entry signal upon a close back above the 14991.68 level.
Going Forward: All now rests upon the success or failure of more pie-in-the-sky interventions designed to abate a yet to be quantified risk, which now permeates through the financial-sphere with the threat of a terminal cancer. Investors: Adopting prudent long-term measures of austerity as outlined in our Wilshire 5000 link from May - is essential to successful investing, and is the type of guidance regularly highlighted in our longer-term studies. Traders: Those navigating in and out of broad market indices seeking short-term speculative profits will continue to do well in strictly adhering to the price-action, which if interpreted properly, telegraphs the markets short-term intentions with stunning accuracy - as evidenced in our chart below. Below is an actual price chart, which will appear in the “Outlook” for Tuesday 9-4-07: The chart below documents standing short-term trade-triggers and price-targets as captured from Elliott Wave Technology’s Near Term Outlook.
For active traders of all time-horizons, there is no better road map for navigating broad market indices than the Near Term Outlook. The Week in Review: The NASDAQ 100
The NDX: Up against resistance in its eighth-week of correction, fresh highs into the coming week may prove bearish, while an immediate sell-off to re-test the lows will likely turn the NDX more bullish near term. That said; let’s see how the balance of broad market indices’ faired in closing out the month of August:
As the financial-sphere attempts to quantify known-risks vs pending interventions, it is likely that The Dollar remain under pressure for the next couple of weeks. The Dow has managed a respectable bounce off the lows, but remains at the lower end of its former range from May/June.
Gold continues to chomp at the bit in its quest toward breaking decisively above the large overhead triangle boundary of resistance. Unlike the Dow, The S&P has been unsuccessful in reclaiming the lower end of it former May/June range. Until next time …
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INFORMATION The opinions of FSU contributors do not necessarily reflect those of Financial Sense. |
