Click here for the full articleThe Dow, SP, Russell have had well defined downtrends on both the daily and the weekly time frames. Currently, the weekly charts are correcting an oversold condition which should lead to further upside. However, it would take an incredible amount of work to turn the daily time frames, as well as the weekly time frames from downtrends to uptrends. That is unlikely to happen in the next few months, so on these indexes at least, you are still looking at a corrective rally in terms of structure.
Watch to see what type of volume comes in over the next week. Naz has already had a clean upside breakout. So - that is my two cents worth - the market can still have upside potential from here, but much of it is coming from rotation, which never supports a sustainable long term rally.
Friday, August 8, 2008
Linda Raschke's Market Thoughts
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5 comments:
excellent thoughts. thnx for sharing J.
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interesting thoughts
intersting
hey J. Congrats on the new arrival! must be a very special time in your life.
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