Discussion in 'Technical Analysis' started by myminitrading, Jul 2, 2007.
If earnings come in strong, we contiune upward, pennant target 14200
... or this can turn into a bear hook ... old support trendline becomes new resistance toward 13700, sellers putting pressure toward 13400 support level.
but this market is climbing the wall of worry...
Looking good, AA should be the catalyst for a strong volume breakout next week. Then its off to the races.
Dow industrials,rectangle. It is my belive earnings are set to beat, and this will cause a continuation of the trend. Conformation would be a break above resistance on strong volume, stay tuned.
I love 100% up room to go$$
I can here em now, DOW HITS ALL TIME HIGHS. Subprime seems to have been forgotten today.
The days not over, anything can happen.
Dow volume so far not real convincing, days not over, so the jury is still out. Maybe we don't need a strong volume breakout, hey its summer time thats a good excuse.
I was sort of thinking it would make one more trip down to 13450 or so, hum, guess its not a perfect formation, and who knows the whole thing could fall apart.
Volume on the verticle up move thru late April and all of May was not real strong. I'm sure wallstreet with its unlimited credit at the treasury will push it higher just when everyone was talking about the end of the bull market.
So were is the volume, it is a break out for sure, just wish the volume was stronger. Projected target 14200, and I bail on my 1000 DIA, long from 134.20. what a day.
Now what if GE misses, was today some sort of blow off, it is July, time for things to go POP.
STAY ALERT SOMETHING MAY BE BREWING. EARNINGS MAY REALLY SUCK!
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