Ever since I first mentioned the Trapdoor to Hell triple Resistance @1370-90 SPX area (click on chart to enlarge) more than 6 weeks ago, it has proved to be Major Resistance for any rallies, which suggests we remain in a weak and dangerous market.The market needs to prove this is anything different than a bear rally by first of all taking out the 1395 SPX Resistance, as long as we stay under this, the market remains weak and bearish.
Our Market leader, the weekly NDH has broken below its long term weekly channel. If we have weekly close below this channel and below the 1/23/08 Lows @ 1698 NDH/QQQQ 41.61, it would be an ominous sign. We already had a Lower Low intraday today.
In my annual forecast for 2008, I mentioned to the T&C Group and clients, we would have a January 08 Low, a February High and an April 08 Major Low. If the decline is minimal, we should reach the uptrend channel on the monthly SPX chart and retest June 06 Lows at 1220 SPX.
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6 comments:
With breaking 1290 today this does bring the April cycle more into focus.
Yes, We are generally down into April.
Agree on down into April. But first another S/T rally.
Amateurs should be aware if we get an early April low, the odds are hi we'll get a fairly good retrace into mid year.
Posted on the prior link. "The April cycle might be a bit higher than the Jan. low."
Should come to term but TWT
I agree with the post above if we get an April low 2 July could give us a fair retrace.
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