The SP500 Index (SPX) bounced off the 1440 level which is 360+90 degrees from the March low and at the 1:1 descending Gann Angle as discussed in this weekend’s Outlook.
Transports Make New High as SPX Hits Resistance
May 19th, 2008 1 Comment
Tags: A-B-C Correction · DOW · Elliott Wave Analysis · SP500 · Square Out · Transports
QQQQ End of Day Range Square
May 19th, 2008 4 Comments
I’ve been watching the Powershares QQQ Trust (QQQQ) using only end-of-day prices and it looks in good shape from a price/time view. The price/volume view is not so good as there has been much less volume on the way up from March than there was coming down from October 2007. This fits in with my retest/new low scenario into the upcoming October.
Tags: Double Bottom · Price Retrace · QQQQ · Square of Range