Market Observations 05/23/08
Resistance: DJIA 13130 (250DMA); SP500 1440 (400DMA); NAZ 2535 (250DMA); NDX 2050
Support: DJIA 12350 (600DMA); SP500 1365 (700DMA); NAZ 2435 (500DMA); NDX 1960 (250DMA)
SP500 open 1392, drop to 1373, close 1376. NDX 1964 gap down to open 1959, rise 1964, drop to 1943, bounce to close 1959.
WEN: $133 oil, rampant double digit stagflation and the central bank confesses to being cornered. What or who next? Could it be a name brand?
This week the market sank 3.5%, on three triple digit broadbased sell offs, and no one even stepped on a land mine.
For the 2nd time in 2 weeks DJIA banged its head on 250DMA 13130, last time falling to 450DMA, this time plunging to 550DMA.
Sitting on DMA DJIA 550; NAZ 500; SP500 650; NDX 250.
THU: We sense further downside to NDX 1910 & SP500 1360 range.
Coming up fast, then we expect another irrational bounce up to follow.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12350 (600DMA); SP500 1365 (700DMA); NAZ 2435 (500DMA); NDX 1960 (250DMA)
SP500 open 1392, drop to 1373, close 1376. NDX 1964 gap down to open 1959, rise 1964, drop to 1943, bounce to close 1959.
WEN: $133 oil, rampant double digit stagflation and the central bank confesses to being cornered. What or who next? Could it be a name brand?
This week the market sank 3.5%, on three triple digit broadbased sell offs, and no one even stepped on a land mine.
For the 2nd time in 2 weeks DJIA banged its head on 250DMA 13130, last time falling to 450DMA, this time plunging to 550DMA.
Sitting on DMA DJIA 550; NAZ 500; SP500 650; NDX 250.
THU: We sense further downside to NDX 1910 & SP500 1360 range.
Coming up fast, then we expect another irrational bounce up to follow.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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