After a week of backing and filling, it still appears likely that the market rally that began on 9/18 marked the beginning of a new uptrend that has further to go. A break below key near-term support levels – 10,700-10,800 (DJIA) and 1170-1180 (S&P 500) – would imply a less positive (but not necessarily [...]
Last week’s extreme levels of fear and panic over the possibility of a freeze-up in the U.S. financial system appear to have marked a significant market bottom. In fact Thursday and Friday’s sharp rally – with financials notably leading the way – has already confirmed a bottom of some significance.
The upmove so far has [...]
With all of the gnashing of teeth last week about everything from Fannie Mae and Freddie Mac, the fate of Lehman Brothers, and Hurricane Ike to falling commodity prices and slower worldwide growth, most major market indices still managed to hold above their July lows. More important, bearish market sentiment is once again rising to [...]
The market’s break last Thursday below key technical support at 1250-1260 (S&P 500) and 11,300 (DJIA) calls into question the up move that has been underway since the July lows. At the same time, it could be argued that a retest of the lows occurred on Friday at the ~1210-1220 and ~11,000 levels, respectively, and [...]
