![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVi870MuOwGDEOk0FYJO3WEns6qDWwGn2akuFwEdOJv1Raso0zD8HQVvtxcvqmAmiTMrW1xAxEtgider_ltVGbfb70sz358_BRjreg11IbxNPkQ7L7dJSqlFdpVCxTb4ZP25WYTg/s400/072007+qqqq.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxofLzlQarT_e5hBE419Ym0oqCPabyeBoUHuVL5Jd_kMSUgjKOA52lONCk6P665pbaxjEPIPpD5xRn_wwgJsEJukzqlPEXll77skXp2bmbhOrdL8avAFU3FS0Ii2om7Tzjp3uQAQ/s400/072007+spiders.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCb3FypK58KDvMFTRr4z8PmpgfNOa3_95CsteF-orIsPQjba0khAPjA_Tr_dmV7EccjWjVt0Xi9wQrMaeM-SYQSgcay4K69LDeYX5LiWacihcCVnMulDx1YDi0JOWsc7BZbE23Pg/s400/072007+sp.jpg)
In this morning's guesstimate I said that the S&P would probably drop again to the low of its recent trading range. My downside targets are shown on the charts above this post: 1535 in the futures and 152.50 in the Spiders. Yesterday the market traded in a narrow range all day just below its previous top and this I regard as bearish action. The weakness yesterday and again early today reinforces this prognosis. I also don't like the look of the advancing issues oscillators (see the next post).
Still, it is important to remember that this is still a bull market. I see no sign that it is over and after the reaction is complete I expect to see the futures rally to 1596 and the Spiders to 158.50.
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