Market Observations 05/31/08
Resistance: DJIA 12750 (450DMA); SP500 1440 (400DMA); NAZ 2535 (250DMA); NDX 2050
Support: DJIA 12475 (550DMA); SP500 1380 (650DMA); NAZ 2500 (400DMA); NDX 1960 (250DMA)
SP500 open 1398, rise 1404, close 1400 . NDX 2019, gap up open 2026, rise to 2040, close 2032.
THU: We sense further downside to NDX 1910 & SP500 1360 range... then we expect another irrational bounce up to follow.
TUE: Did the bounce up start today off SP500 1373? Lets see. It did...
THU: Commodities slapped, dollar rising? bonds falling? Rising rates, small caps rising?
This irrational bounce could test resistance and have a reality check into a wicked downturn.
NDX 2040 tested again Friday. We repeat, watch support at NDX 1945 & SP500 1375, and resistance at NDX 2050 & SP500 1440
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12475 (550DMA); SP500 1380 (650DMA); NAZ 2500 (400DMA); NDX 1960 (250DMA)
SP500 open 1398, rise 1404, close 1400 . NDX 2019, gap up open 2026, rise to 2040, close 2032.
THU: We sense further downside to NDX 1910 & SP500 1360 range... then we expect another irrational bounce up to follow.
TUE: Did the bounce up start today off SP500 1373? Lets see. It did...
THU: Commodities slapped, dollar rising? bonds falling? Rising rates, small caps rising?
This irrational bounce could test resistance and have a reality check into a wicked downturn.
NDX 2040 tested again Friday. We repeat, watch support at NDX 1945 & SP500 1375, and resistance at NDX 2050 & SP500 1440
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Comments