China $SSEC made a new historic high at 3291 and $KOSPI is getting close to breakout point at 1475.
Happy Trades to ALL
Date:4/2/2007 6:27:52 PM
Market bounced off at the triangle TL supports, Qs 43.30 and SPX 1416 as shown on the 60m charts after the weaker ISM report at 8:30am. SPX 1425 +/- and Qs 43.60 are intraday resistance which we need to see trading above the resistance for further upside price actions.
Qs intraday shows a resistance at 43.80 and then 44 which is the triangle down TL. The gap resistance which was the last intra high was at 44.44 which I do anticipate that Qs will trade above it to close the run-away gap. SPX 1425 is intraday resistance and 1430 down TL resistance. Unlike Qs-NASDAQ, SPX and DOW do not have "Runaway" gap; however, as we can see the Qs-NASDAQ gaps were served as resistance for "double bottom" and "W" formations.
NASDAQ 2440 is a resistance and 2460 which was the late March '07 high at where Nov-Dec 2006 peaks were.
Market actions have not negated the "Breakout Retest" scenario which is filling the gap, retesting the Feb '07 high, and possibly making new highs. As of today, the "Breakout Retest" scenario is valid.
http://www.stockchar...09398&r=598.png
http://www.stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=2&dy=15&i=p73797548221&a=79285156&r=517.png
CSCO remained in a trading range, 17-22, for two years from Jul 2004 to Jul 2006. During that time, most of analysts and market participants abandoned CSCO as a bellwether stock. I think that it was a management change when CEO Chambers changed his position or responsibility in the company which sparked the rally after higher earning guidance pushing the stock to breakout level above 22. Since then it ran to retest the Jan 2004 high near at 28 during Jan 2007. So far, CSCO is showing “3yr Cyclical” price performance. It is now trading with a “Round Top” formation since Jan 2007 top with a support at 25. It already established ST downtrend formation.
$SSEC I commented on $SSEC trading at 15yr Resistance, 3050, and noted that it was breaking out from the resistance. I also noted that $SSEC and $KOSPI are showing Asian Bull market actions. S. Korean market, $KOSPI, looks like it will break out soon. Alerted that it is trading near at the two year resistance. While $SSEC has broken out to upside, $KOSPI is yet to breakout. While China $SSEC has shown bullish price actions finishing the day with 2% gain, Japan $NIKK performed opposite 1.5% loss. This could be viewed as $NIKK perceives China as economic competitor in exporting to U.S., but of course there are many other factors impacting the economies of Asian countries. $NIKK is also trading near the recent high, though.
http://www.stockcharts.com/c-sc/sc?s=$SSEC&p=D&yr=0&mn=6&dy=0&i=p02439948996&a=66381250&r=667.png
http://www.stockcharts.com/c-sc/sc?s=$KOSPI&p=W&yr=3&mn=6&dy=0&i=p75413615740&a=94929938&r=190.png
SMH is staying in a trading range for several months and when it breaks out from the range, it will make a stronger move.
http://www.investors...age_id=18393688
http://www.stockcharts.com/c-sc/sc?s=$SOX&p=D&yr=0&mn=9&dy=0&i=p93451941454&a=71270540&r=427.png
http://www.stockchar...98557&r=872.png
Edited by Trend-Signals, 03 April 2007 - 07:08 AM.
