View Single Post
Old 05-15-2009, 03:03 PM   #31
petegz28 petegz28 is online now
Supporter
 
petegz28's Avatar
 

Join Date: Feb 2005
Location: Olathe, Ks
Casino cash: $74227
Quote:
Originally Posted by KC native View Post
We've been in a huge countertrend rally. We're up 25% since the March lows which haven't been tested. We might not get all the way back down to 660 but when you couple that with the earnings outlook this recent rally is on very shaky ground.
We have been in a counter-trend rally based on a weekly chart, not on a monthly. And the trend is still coming out on a weekly basis though we are overbought short term. If I was to just take a guess at what I am seeing the next trend move could and should be to the upside on a weekly basis thus initiating the countertrend rally on a monthly basis. Keep in mind that the last bull market was completed entirely with trend coming out of the market on a monthly basis. Counter trend rallys on monthly charts don't last weeks, they last months if not years and we have yet to start. That being said I see the 800 level as key support for the SP500. If we break below that we are back in the dumps. We hold that and we start filling out the right side of an inverse heand and shoulders pattern.
Posts: 95,173
petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.
  Reply With Quote