EliteThink
Registered: Oct 2002
Posts: 782 |
04-30-12 05:39 PM
After SPX had 4 up days in a row, the fifth is, so far, in negative territory. It is amazing how quickly the pundits flip the view point. It seemed many were predicting a move to 1327 using everything from measured move analysis to fib ratios. Since SPX held the 1357 level, twice, and has now rallied to, as of last week, over 1400, new highs are now being called for. The dow did managed to retest highs last Friday. The Comp and NDX were not quite as enthusiastic, and with aapl now looking to close at least 50% of the gap, we may be in holding pattern until the employment report and election results later this week. U.S. indexes are entering into the 7th week of this trading range, i think it is unlikely it will last more than 10 weeks. Overall, i would think a new high would print in the next few weeks. But, with some of the negative news and seasonality coming down the pipe, I would be hesitant to be long.
|
