The market continues to test support. A close below 1345 would break several major support levels and trend channels. Some traders may be benchmarking the March low of 1340. If this test holds, the trading range would remain intact. This suggests what is likely to happen next if it does hold, and if it doesn’t.
Tag Archive for Resistance
Technical Trader
Breakdown Today Would Put Bears In Control Copy
by Lee Adler • • 0 Comments
The market is testing major support again this morning. A close below 1345 would break several major support levels and trend channels. This report examines the triggers and potential outcomes.
Professional Edition, Technical Trader
Bored Market Still Wants To Go Up
by Lee Adler • • 0 Comments
The market remains in the doldrums, with every sign pointing to a continuation of the ennui. The 10-12 month cycle is ideally due to peak on Monday, but a variance of a month or two is normal. Unless key support lines are broken, the odds will continue to slightly favor a move to the projection…
Latest Business Headlines
EU Ministers Fail to Reach Deal on Bank Capital Rules – Bloomberg
by Newswires • • 0 Comments
BloombergEU Ministers Fail to Reach Deal on Bank Capital RulesBloombergEuropean Union finance ministers failed to reach an agreement to toughen bank capital rules in the face of British resistance and now aim for a deal at their next meeting on May 15….
Professional Edition, Technical Trader
Technical Signs Don’t Confirm Rally But The Trend Is Still Your Friend
by Lee Adler • • 0 Comments
The uptick in the averages was accompanied by only mixed indicator readings. The cycle projections, however, tilted a bit more bullish than yesterday’s readings. All downside projections have risen to levels already reached. As long as the market averages hold above uptrending support levels there should still be a chance for the market to reach…
Professional Edition, Technical Trader
Cycle Juxtaposition Could Tie Market In Knots for Months
by Lee Adler • • 0 Comments
The market’s drop yesterday changed nothing in the numbers or the chart patterns. Upside projections range from 1407, already done, on the 4 week cycle to 1425 on the 6-7 week cycle, and 1460-90 on the 10-12 month cycle, with an idealized peak target date of May 7. On the downside 13 week and 6…
Charts and Trading, Latest Business Headlines, Pretzel Logic E Wave Analysis and Market Commentary
SPX Update: Bears Need to Get ‘er Done, or Go Home
by Pretzel Logic • • 0 Comments
Yesterday’s count expected further upside, which is what the market provided. At this stage, there’s just not much to add. This remains one of the more challenging structures I’ve had to decipher in some time, but if the expanded …
Professional Edition, Technical Trader
Do bears do their business in the woods, or on The Street?
by Lee Adler • • 0 Comments
The market extended its little tear on Thursday and looks good for at least a test of the highs, with an initial projection of 1413 on the 4 week cycle. The 6-7 week cycle is now also clearly in an up phase. A 6 month cycle upturn is overdue but there’s no confirmation yet on…
Professional Edition, Technical Trader
AAPL Has Short Coattails
by Lee Adler • • 0 Comments
The Nasdaq and SPX had big moves on the strength of the move in AAPL, but the Dow and screening measures were less enthusiastic. What happens next depends on whether the move continues and broadens out on Thursday. Short term cycles are in up phases. 13 week and 6 month cycle up phases could kick…
Professional Edition, Technical Trader
Will Bernanke Step On The Apple
by Lee Adler • • 0 Comments
There’s still a chance that the 6-7 week cycle up phase may show some strength, with the 6 month cycle possibly getting in gear as well over the next couple of days to make a run at the 10-12 month cycle projection of 1450. It depends on whether the enthusiasm over AAPL sticks through Ben’s…
