www.armstrongeconomics.com
The bulk of the people remain bearish still always calling for a
major crash. All I can say is that the patterns are not anything like
what these people as saying that a 9 day straight decline is always
followed by a crash. The market is by no means over-bought or in some
dangerous extended position. The Weekly Bearish Reversal lies in the Dow
well below the market at 17740. We did elect a Monthly Bullish at the
end of July so this warns we can still press higher into September. Our
critical monthly technical support lies at 18058 during August. Major
technical target resistance going into September stands at 21935. The
first target for key resistance stands at 19610 and support will rise to
18282 by September. Our monthly turning points are choppy with
September then November followed by February.
Just pay attention to the Arrays and the Reversals. They are the indicators that are far better than anyone’s opinion.
The S&P500 closed at new highs, whereas the Dow is now lagging.
Support on the S&P500 lies at the 216900. We had closing resistance
for today at 18557.50. Resistance next week will stand at the
18717-18727 level on the Dow.
沒有留言:
張貼留言