Assuming we take out the April high, I think we will move to the 1:1 down Gann line. SPX 1440 is 90 degrees above 360 degrees (1402) and also 5/8 from the low. I can see price going to here. It is possible we end up higher, but price and volume action is not that strong and I do not see a lot of buyers. GOOG beat big and is up over $70 after hours so tomorrow needs to make a move up or I will become more bearish. Options expiration may hold price down, but if there are buyers then price will move against the puts and make them expire worthless. If there isn’t a lot of buyers then the options boyz will put price where they want it tomorrow morning.
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:20 am
Tags: Gann Angle Fan · Slope · Square of 9 · Square of Range · Standard and Poor's 500 (S&P500) · VolumeNo Comments
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