1 reply to this topic

[mss]

Have we bottomed? Maybe, but "V" bottoms are rare and too many indicators have either shot to the moon or barely moved. Lack of volume does not bother me at the present, because there are too many other questions not answered.
Price point of 1485ish is still the biggest resistance to overcome in the short term.
Will the down slopping YELLOW TL hold, don't know, might/should. The second one better or it's along way home.
I think we test a couple of the RED TLs and at least one of the GREEN TL, now in which order, up first and then down, and back up. The VXO did break to the upside of the line and I suspect it will test the top of it.
To-date we are NOT in a bear market, just a weak one.


http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=2&dy=0&i=p95028006293&a=115278839&r=7189.png

I welcome all comments and thoughts.
mss

[mss]

Aug 18 2007, 02:16 PM

I know I'm going against the norm thinking here, but IMO, the bottom has not been confirmed yet. We might have a tradable bottom over a wide price range, but consolidation/correction is not yet over.
The charts below have notes that explain them.

I have updated the first chart to reflect todays closeing. Did not update wording on chart, but it is starting more and more to look like the complex bottom back in May-June '06