ShepWave Equity and Crude Oil rally in the same day. What's Up? Stock Market Technical Analysis. Elliott Wave Theory.
by ShepWave.com
Posted: 7/31/2008 01:35 EST
Important Intra Day Notes posted at 11:40 AM The 'head fake' we suspected from this morning's gap down open has play out well. Hope some short term traders were able to LOCK IN some profits from this move. Notice the QQQQ have hit the upper trend line as we have drawn in the 60 min QQQQ chart in today's update. It hit it then reversed. Can't make this stuff up. Now what? Will the DOW INDU and S&P 500 Indexes manage to make a new Summer Rally high? OR is the buying over? See Triggers, Targets and possible trading strategies in today's ShepWave Update. Go to www.shepwave.com for today's update. As of 11:45 AM ET the Dow Industrials index is down about 90 points and Crude Oil is down over 2 bucks... BUT what happened to the inverse relationship talked about by the popular 'financial pundits' on Television?
Additional pre-market notes posted at 9:20 AM in today's Update.
The futures are down this morning. I have posted a new chart and some additional notes cooncerning this morning's open. Will we see the gap down open filled? Have we seen a key mid term top yet?
Go to www.shepwave.com for today's update.
The DOW Industrials Index rallied almost 200 points Thursday. Crude Oil rallied almost $5 on Thursday. Wait a minute... what happened to the inverse relationship between Crude Oil and the Equity indexes we have been hearing incessant chatter about by the 'TV Pundits'? Oh well, I am sure something was accredited to the move.
You cannot make up the charting analysis.
The markets could be setting up for a big move. Is the next 'no brainer' trading opportunity forming as we speak?
Go to www.shepwave.com for tonight's Updates.
The ShepWave 5th Anniversary Subscription Special ENDS at Mid Night Tonight. Click on Subscribe Link to take advantage of this special.
Two more banks fail; Mutual of Omaha Bank buys deposits
Who's Next?
U.S. MARKETS
Finally, June's over
Mixed session ends worst June since Great Depression, with Dow eking out a small gain. S&P 500 ends on upbeat note, but Nasdaq loses 1%.
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For trading strategies, Trade Signals, Triggers, Targets, Charting and Elliott Wave Theory Analysis go to http://www.shepwave.com/
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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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