Wednesday's low for the COMP came close to testing the August lows. Will it be enough? Note that on the monthly chart, the actual August low (2386) now corresponds to the long term bull market trendline. Very often, we put in lows the week before option expiration week. Bulls are hoping this is the case since December opex was a bloodbath. It will be critical to not make new lows on Monday.
Shorts should take note that as long as the trendline holds, the Nasdaq is still in the 2003 bull market. It sure does not look promising for bulls, but it must be pointed out especially given the unanimous negativity out there. Frankly, I don't remember sentiment being this lousy in a long time. Heck, it's much worse than when we were dropping post 2000.
Underlying buying pressures? With caveats: Link.
This entry was posted
on Sunday, January 13, 2008 at 1/13/2008 02:17:00 PM.
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