One more leg lower?
#1
Posted 29 January 2007 - 11:39 AM
#2
Posted 29 January 2007 - 11:53 AM
i agree, bottom under cover of Fed meeting then rally into WWW.In my stuff, today should be flat. The max SPX (cash) upside is 1431-1433 for Tue, the downside should be around 1406-1410 following the Fed, kind of AB=CD. So, there should be one more leg lower later this week and the higher prices should follow from next week into Feb, 1450-1460? Despite the heavy shorting today, the open interest is still not showing strong support and the implied volatilities on the small cap and the nasdaq type stocks are still rising despite the stabilizing prices. The leadership is not strong either, imho. Comments? BTW, is it a diamond formation on the NDX happening?
- kisa
#3
Posted 29 January 2007 - 11:55 AM
#4
Posted 29 January 2007 - 12:00 PM
#6
Posted 29 January 2007 - 12:34 PM
Blizz, look at $RVX...
Well...I think we should retest 15 again....
Besides, the MACD is below the Zero line and the two EMA are still bullish..
...and the last two lows..... are a lower lows
#7
Posted 29 January 2007 - 01:08 PM
#8
Posted 29 January 2007 - 03:48 PM
From just looking at it, seems to me that we've had a very normal-looking correction after the move down on the 25th and into the 26th. After 1:00 p.m. today we could be resuming the downtrend, or extending the corrective move from the lows of the 26th. Either way, "another leg lower" would be expected.
Best,
Doug