Market Observations 11/16/07
Resistance: DJIA 13230; SP500 1490; NAZ 2660; NDX 2080
Support: DJIA 13070; SP500 1450; NAZ 2580; NDX 1990
Tues: "Is this a dead cat bounce? Next major resistance, NDX 2080 & SP500 1490." The cat hit it on the bounce, then fell.
NDX gap up 2024 to 2038, plunge to 2006, rise to close 2049, above 100 DMA 2040. SP500 open 1453, plunge to 1443, rise to close 1459. above 300 DMA 1450.
Since last months peak, energy, utilities, tech, finance, homebuilders, REIT's, all getting a double digit slam.
Flight to higher ground continues, PG up to all time closing high $73.07, if it falls and breaks $67, watch out.
SP500 1450 is magnetic at the moment, testing 1440 support. NDX 2030 magnetic, testing 2005 support. Options have expired NDX & SP500 both at DEC MAX PAIN.
Market technicals continuing to break down. Next week, Housing Index, Starts, Building Permits, not good news. A fall from grace goes to SP500 1410 & NDX 1940.
HP could give tech a lift, but a rebound without impetus stays range bound. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Support: DJIA 13070; SP500 1450; NAZ 2580; NDX 1990
Tues: "Is this a dead cat bounce? Next major resistance, NDX 2080 & SP500 1490." The cat hit it on the bounce, then fell.
NDX gap up 2024 to 2038, plunge to 2006, rise to close 2049, above 100 DMA 2040. SP500 open 1453, plunge to 1443, rise to close 1459. above 300 DMA 1450.
Since last months peak, energy, utilities, tech, finance, homebuilders, REIT's, all getting a double digit slam.
Flight to higher ground continues, PG up to all time closing high $73.07, if it falls and breaks $67, watch out.
SP500 1450 is magnetic at the moment, testing 1440 support. NDX 2030 magnetic, testing 2005 support. Options have expired NDX & SP500 both at DEC MAX PAIN.
Market technicals continuing to break down. Next week, Housing Index, Starts, Building Permits, not good news. A fall from grace goes to SP500 1410 & NDX 1940.
HP could give tech a lift, but a rebound without impetus stays range bound. Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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