Friday, May 7, 2010

Why Stop Here?

In the midst of the panic on Thursday price levels stabilized and rebounded into the close--albeit at levels significantly lower than last week. Today, the market drifted lower but held above the lows of yesterday. Why would the market stop here?
  • the 200 day exponential moving average is at 1099.51
  • the 2.618: 1 NSL is at approximately 1108
  • the low is in the area of the midpoint of the wave 4 decline that culminated at the February 5th 2010 low. Jan 11 high 1150.45 -- Feb 5th low 1044.50: Midpoint = 1097.48
  • the 4.236: 1 NSL from the July 2009 low is at approximately 1060.00
  • 23.6 pct. of the range of the Feb-April rally is 1085.87
  • 78.6 pct. of the March 2009-April 2010 rally is at 1101.46
Today's range was 1127.04 * 1135.13 * 1094.15 * 1110.88

right click mouse for graph enlargement options.

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