Market Observations 05/16/08
Resistance: DJIA 13125 (250DMA); SP500 1450 (300DMA); NAZ 2535 (250DMA); NDX 2050
Support: DJIA 12890 (400DMA); SP500 1425 (450DMA); NAZ 2500 (400DMA); NDX 2000
SP500 open 1424, dip to 1414, rise to close 1425. NDX open 2035, dip to 2009, rise to close 2031.
04/19: Is the market poised to break through and test the next major resistance lines SP500 1425 & 1455 & NDX 1950 & 2020.
WEN: Still not near our 1455 target. We smell 1455 coming along with NDX 2082.
And yes, we still think this is a suckers rally. Something nasty is stirring in the woodshed.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12890 (400DMA); SP500 1425 (450DMA); NAZ 2500 (400DMA); NDX 2000
SP500 open 1424, dip to 1414, rise to close 1425. NDX open 2035, dip to 2009, rise to close 2031.
04/19: Is the market poised to break through and test the next major resistance lines SP500 1425 & 1455 & NDX 1950 & 2020.
WEN: Still not near our 1455 target. We smell 1455 coming along with NDX 2082.
And yes, we still think this is a suckers rally. Something nasty is stirring in the woodshed.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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