www.armstrongeconomics.com
Apparently, there are a lot of people calling for a crash in the stock
market as usual claiming it looks just like 1987. Sorry, there is
nothing of that magnitude showing up at this time. We did elect one
Weekly Bearish Reversal back at 18368. However, the main bank of support
lies at 17710 followed by 17330. Only a weekly closing below 17330
would hint of a more serious correction. We did rally back and closed
above technical support at 18068 last Friday. Now we need to pay
attention to this area for a breach of 18050 should mean PAY ATTENTION. A
break of 17990 will be more of a warning and this means last week’s low
of 17959.95 comes into play. This would warn of a possible drop to
17710.
Note this this coming week is a Directional Change as well as a
turning point. Note that we have turning points every other week right
now so the pattern looks to be choppy. The key week appears to be the
week just after our conference, November 14th. The two primary targets
remains November and January.
A weekly closing back above 18370 will signal a rally ahead. Until then, we are retesting support.
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