Wednesday, November 7, 2007
Market Makes a U-turn on Wednesday
The S&P 500 closed below the long term trading band today and also the building support area around 1488 was violated. I'm now in the camp of Carl Swenlin and believe we will hit a 9 month cycle low sometime in December. There is now a greater possibility that we will retest the February and August lows. As the chart shows we were not able to make a higher high recently and have now made a lower low by taking out October's low. Click on the Carl Swenlin link above to take you to his most recent interview.
Labels: major indices, sp500, stockcharts, technical analysis
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