Market Observations 03/28/08
Resistance: DJIA 12600 (450DMA); SP500 1355 (700DMA); NAZ 2340 (750DMA); NDX 1835 (450DMA)
Support: DJIA 12200 (600DMA); SP500 1315 (900DMA); NAZ 2250 (1000DMA); NDX 1760 (700DMA)
SP500 open 1327, pop to 1334, plunge to 1312, close 1315. NDX 1777 gap up to open 1788, pop to 1802, plunge to 1762, close 1767.
MON: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400. 1350 & 1800 are magnets, at the moment.
THU: The 2 month rally in retail (RTH); transports (DJTA) and builders (HGX) could be over and we are primed for a BIG slide.
However, there may be one more pop to the upside in the tank. Watch em closely for clues.
Monday will bring Q1 to an end, and with it the largest decline -10% since 2002.
Sitting on: DJIA 600DMA; SP500 900DMA; NDX 700DMA.
Quarter & month end inflows better provide a Tues pop, RIMM on Wen, or else.
Bad news on tap Chicago PMI, Auto Sales, Construction Spending, ISM, Factory Orders
& Non Farm Payrolls could kick this dead man walking further down the stairs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12200 (600DMA); SP500 1315 (900DMA); NAZ 2250 (1000DMA); NDX 1760 (700DMA)
SP500 open 1327, pop to 1334, plunge to 1312, close 1315. NDX 1777 gap up to open 1788, pop to 1802, plunge to 1762, close 1767.
MON: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400. 1350 & 1800 are magnets, at the moment.
THU: The 2 month rally in retail (RTH); transports (DJTA) and builders (HGX) could be over and we are primed for a BIG slide.
However, there may be one more pop to the upside in the tank. Watch em closely for clues.
Monday will bring Q1 to an end, and with it the largest decline -10% since 2002.
Sitting on: DJIA 600DMA; SP500 900DMA; NDX 700DMA.
Quarter & month end inflows better provide a Tues pop, RIMM on Wen, or else.
Bad news on tap Chicago PMI, Auto Sales, Construction Spending, ISM, Factory Orders
& Non Farm Payrolls could kick this dead man walking further down the stairs.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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