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Still weak

Posted by maineman, Mar 5 2007, 12:33 AM

Not much new to add to the Feb 28 post. Markets, as expected, remained under pressure and by week's end the EMA 10 crossed under the EMA 55, which is never a good sign for bulls. NYSI is still falling and does not appear either oversold or showing any signs of turning yet. RSI, which was very low last week, remains low. As of late Sunday night, Asian markets are already down 2 to 3% and unless something dramatic happens before the opening bell, Monday looks to be a potentially ugly event for the bulls. Expect dramatic bounces to occur, possibly up to the EMA 55. With markets under full retreat, that long trend line is looking more like a possiblity, around 1300. Before we get there, though, there is the 200 day MA, which tends to give markets a point of reference, if not a pause. And where's that? Right around a 3% drop from Friday's close on the SPX, roughly 1344....



Good luck this week.



mm



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