ShepWave Regular Scheduled Update for Monday Published. Markets nearing or at key mid to longer term TOP?
by ShepWave.com
Posted: 5/10/2009 03:28 EST
The upcoming week (or possible 2 weeks) could be very important to the current trend of the markets. Notice recently we have had BULLISH signals on the VIX (Volatilty Index for the NYSE) by seeing the 50 week moving average broken twice with the following break going below the low of the first break. Also, we have the Dow Transportation Index making a double break above its 200 Month Moving average. So, will the Dow Industrials, S&P 500 and Nasdaq Indexes continue to rally with these bullish signals, or are we due for a clear and hard fast reversal? Remember that when the Indexes have hit major mid term tops over the course of the last 1 1/2 years that the complacency level amont the BULLS was quite high. Is this the current case?
Wave 2 rallies have basically two functions: #1 to suck in Bulls at the 'top' and #2 to weed out the weak shorts. Objective traders don't want t fall in to either of these categories.
Log In at www.shepwave.com for Monday's Regular Scheduled ShepWave Update.
Click here to read the ShepWave Update from August 21, 2008 when the Dow was at the 11,400 area.
Go to www.shepwave.com for Updates. Trend Analysis, Elliott Wave Theory, Fibonacci Retracement and Fibonacci Extension Targets, Trade Triggers and Targets shown. QQQQ Trade Signals.
Stock Market Technical Analysis. Elliott Wave Theory
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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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