Uptrend In Tact - Rally Likely Ahead into Gann 180°
Higher highs, higher lows is an uptrend from the 8/9 low. Todays selling looks like a fakeout before the Gann 180....SPX 1249+ not impossible...
posted by chartblog at
2:45 PM
1 Comments:
Dave,
Thank you for updating your blog.
Although I also expect some type of a bounce next week due to options expiration, Monday remains important to hold Friday's lows or further wash out.
Rising LIBOR rates, poor breadth, higher trading volumes on Friday (relative to Wednesday's rally), weak advance-decline volumes, large shifts in currency relationships, lack of a definitive top in Treasury notes/bonds, and gold are a few of my concerns that the choppy bounce/rally may be brief and have limited upside.
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