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Post by TradingForGod on Oct 2, 2004 17:58:56 GMT -5
A couple of weeks ago, I cautioned that the Dow and the S&P had reached critical downtrend resistance and I was looking for a pullback. I suggested covering some long exposure into that dip. The S&P dropped back 3% over the next week. Last week, I suggested reinitiating that length at 1100is near the 40-day MA. Over the last week, the stock market has firmed, dramatically so on Friday. The S&P particularly is at a critical juncture. The pull-back satisfied all the requirements for a correction, at Friday’s close was the highest since early July. ANY additional strength early next week breaks the major downtrend that has been in place since the 1st quarter. This would initially target this years high over 1160 and the 2002 double top around 1175. If THAT level fails, the ensuing rally could be equal in magnitude to the 2003 rally and could eventually reach 1453. It’s WAY too early to start talking in those terms yet, but it could certainly happen. I just wanted to let you know. Be prepared to act quickly to capture this opportunity if it presents itself. God bless, TFG
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ines
New Member
Posts: 6
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Post by ines on Oct 9, 2004 15:29:45 GMT -5
thanks love this stuff , keep it comming
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