Strategesis

From Safehaven.com (Andre Gratian):

Could we make new lows? We discussed earlier that the SPX has a valid count to about 1240 and, based on its P&F chart I could make a case for the QQQQ to reach 52.50-53.00 before ending its decline. If these objectives are reached, it would put both indices outside their intermediate channel.

Still, I have reasons to think that this decline will be of limited extent and duration. This is, in part, based on the current position of the SentimenTrader which is shown below on the left (courtesy of same), and which is very bullish.

Continued

This entry was posted on 2011-03-20 at 17:54 and is filed under advisory service, technical analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.