Sep 9: A solid session to close the week in a bull note
A week ago we was asking ourselves if the markets had done a bottom near those 1200 or 38.3 zone and well, we have to say that this markets has found the way to disregard of everything and just go and go...
Today NYSE Compx, SP and Nasdaq run again into new highs of this move without any major scare for bull people. After the Thursday roll-over we saw the markets goes to mentioned resistance levels, with the SP holding near the 1242-5 area now key support for the coming week. The Qâs wasnât such different holding near the 39.70 level (high 39.69 ) and end close to that level.
The laggard of the session was the Russell2000, witch is very slow in his run up against the Nyse Composite, the $rut spent all the session consolidating the morning move of 3 points against a NYSE composite running all day long in all-time highs. I remark that because a lot of times this indexes trades like twins.
Anyway, for the next week we should check âhighsâ in some indexes like the SP and thatâs its going to be the key , I mean, the ability of that index to cross highs or not.
The trend remain in good shape with the index denying any bear movement each time looks threatened, a major cross the next week will leave the way open for a run to 1280/90 but we have to go step by step and now focus if the market its going to cross or what.
Nasdaq are the slowest index on this run far away from 40.15 highs this year, anyway, we have a lot of resistance level to contain any bull run, 39.70 / 40.15 and 40.50-65 as the main resistance levels. 39.20 and 39 are the cited support levels. Speaking about the intraday I have to say that we could watch some correction from here, just because we are in the upper side of the channel , anyway, at this point its hard to short, any intraday short should be stopped out above 39.72-3
The SP, intraday, could be closing 5-waves near the resistance zone on 1242-5, so, its hard to think in a huge cross right now, I prefer to figure out a benchmark spending the next week in a 1230-1245/6 range with a little range inside on the 1235-42 area. 1230-2 and 1216-7 are still main support zones.
Diego M Rolando, Sep-9-2005 at the close, roc@roclerman.com
A week ago we was asking ourselves if the markets had done a bottom near those 1200 or 38.3 zone and well, we have to say that this markets has found the way to disregard of everything and just go and go...
Today NYSE Compx, SP and Nasdaq run again into new highs of this move without any major scare for bull people. After the Thursday roll-over we saw the markets goes to mentioned resistance levels, with the SP holding near the 1242-5 area now key support for the coming week. The Qâs wasnât such different holding near the 39.70 level (high 39.69 ) and end close to that level.
The laggard of the session was the Russell2000, witch is very slow in his run up against the Nyse Composite, the $rut spent all the session consolidating the morning move of 3 points against a NYSE composite running all day long in all-time highs. I remark that because a lot of times this indexes trades like twins.
Anyway, for the next week we should check âhighsâ in some indexes like the SP and thatâs its going to be the key , I mean, the ability of that index to cross highs or not.
The trend remain in good shape with the index denying any bear movement each time looks threatened, a major cross the next week will leave the way open for a run to 1280/90 but we have to go step by step and now focus if the market its going to cross or what.
Nasdaq are the slowest index on this run far away from 40.15 highs this year, anyway, we have a lot of resistance level to contain any bull run, 39.70 / 40.15 and 40.50-65 as the main resistance levels. 39.20 and 39 are the cited support levels. Speaking about the intraday I have to say that we could watch some correction from here, just because we are in the upper side of the channel , anyway, at this point its hard to short, any intraday short should be stopped out above 39.72-3
The SP, intraday, could be closing 5-waves near the resistance zone on 1242-5, so, its hard to think in a huge cross right now, I prefer to figure out a benchmark spending the next week in a 1230-1245/6 range with a little range inside on the 1235-42 area. 1230-2 and 1216-7 are still main support zones.
Diego M Rolando, Sep-9-2005 at the close, roc@roclerman.com
