The market appears to like the Intel Corporation (INTC) news and should be strong at the open. Due to the length of the current market thrust without a pause, I am guessing this move with be a blow off top. The 1×2 angle of the long term range is a place to watch for a high.
The 1×1 angle of the 2002-2007 range is a few percent above and should provide significant resistance to price.
The 50% price retrace of the 2007-2009 bear market is a few percent above and this level should also provide significant resistance.
All three ranges above have a strong resistance angles within a few points of each other.
Related Posts
Tags: SP500 Index5 Comments
J.P. Morgan has just lied out their A….. The only way they are making $$ is robbing their customers from what I read just like all the other big banks, now most of them are going to change policy again, and start charging $30 a year for people who carry their point cards…what a joke that stuff is anyway, why people fall for those commercials kills me but some of you out there maybe one of those folks and I hope you dispose of those cards A.S.A.P..if you know what I mean.
I think most of these boosts are right offs, that the new Gov. has allowed these big banks and corps(GM,F) to just do what they used to do in the 70′s all over again, robb the ave. joe of every dime. Personally they jacked my interest rates from 4.99(fixed mind you) to 23.99 what a hoot I told them. They where at least nice enough to give me a 10 day notice, so I cancelled them, too bad for that bank, by the way its not doing so well. It was not one of the lucky Gov. by outs, just not big enough I guess. anyway, Andy, I agree fully, by the way that this big bang theory today is most of wall streets way of putting the screws to us bears..ouch…and all of them desperately trying to get the $$ hanging on the sidlines to get back into the market. Every Dog has its day as the old saying goes, this old dog is not biting at this bone….have a good night…L
Libby – The way our system has always worked is that the gov’t creates an environment such that the banks can make money without trying. It is probably the easiest business to be in now. The plan is for banks to begin to take the massive excess profits and begin to take risks. This may begin to happen next quarter or the next (assuming the free money continues to roll in). The problem I have seen is that the only businesses/consumers interested in loans want to use the money to “fix” their balance sheets. Their is little interest from people and companies to take on more debt to expand. For example, a Widget maker may be doing ok with her business. There are not a lot of profits but everything is breaking even and the business will survive for a year or two while waiting for a macro expansion to begin. Now a banker comes along and says I’ll loan you enough to double your business at 1% interest. Ms Widget maker turns down the loan because expansion would kill the business – even if it costs nothing to expand.
The market said that I am an idiot. So no comments from me
Obviously I am new at this but I thought Gann counted market days and did not count calendar days; is this true?
Gary – I never met Gann, but from what I read he used calendar days. I do have some charts the use trading days which work out to signal a trend change occasionally. I am not convinced the TD count hits are not coincidence. 90 and 180 calendar days are three and six months which have always been significant.