24th November 2001 - Dow Jones Industrial
Average ( DJIA ) Outlook
Taking a number of larger time frames into account, there is a clustering
around the 14th of December. There is also one major time frame
which gives the 10th of December, which is also 90 degrees from the
Sept 11th attack. Monday the 17th December is 90 degrees from
the Sept 17th restart and December 19th is 90 degrees from
the Sept 21st major low. As can be seen when looking at time, mid
December has a considerable amount of action due. |
24th November 2001 - Standard and Poors
500 ( S&P 500 ) Outlook
Taking a number of larger time frames into account, there is a clustering
around the 17th of December and the 19th December. The
10th December COT date also holds ( as it does for all markets ) as
90 deg from Sept 11 attack. |
24th November 2001 - NASDAQ Outlook
Taking a number of intermediate time frames into account, there is
a clustering around the 8th December and 10th December.
As noted previously, the 10th December is 90 Deg from the Sept 11th
attack. |
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Summary for Week Ending 30th Nov 2001
DJIA See
Chart
Monday saw the COT for the 19th canceled out with the Dow making new highs.
As mentioned in last weeks report, a COT was also likely on this day,
and with price touching the highlighted 150% range square an then retreating,
gave the Day a nice Price-Time. Market action following Monday's high
was fairly swift with the market dropping 425 points ( ~4%) in three days
to bottom out for the week on Thursday (See
Week Ending 9th Nov)
This weeks chart shows the 851 point Range Square that was highlighted
in last weeks charts. Also the Price Retracement from Mondays high shows
that the 50% retracement from Mondays high is within 3 points of the significant
low of 1st Nov. Also, in previous messages I have highlighted that technically,
this trend is weakening, with further evidence rising from the recent
3 day reversal. This is the first time since Sept 11 that the market has
managed more that 2 days in reverse. The Most Likely COT for this week
is Friday, being 30 degrees from the Nov 1st low.
S&P 500 See
Chart
The S&P has yet to make it to the forecast 1171 range, but did find
resistance against the upper trend line running from the 1st Sept 2000
and 22nd May 2001 highs. A 2 day reversal followed with the market gaining
some strength on Friday, managing to hold its ground around the previous
days close, overall though performance was not impressive.
This weeks chart highlights the Upper trend line previously mentioned
as well as the likely support levels should interest on the downside persist.
It should be noted that similar to the DOW, the 50% support level for
the movement is at the 30th Oct significant low. Again we have geometry
supporting the current top, however a lower top ( as per Gann's rules
for trend reversal )will be needed to confirm. As per the Dow, a likely
COT for this week is Friday.
NASDAQ See
Chart
If the Nasdaq was a dog, would you shoot it ?
That may be a bit extreme, since being dull isn't a crime.
The market is crawling along through the channel that is highlighted on
this weeks chart. As mentioned last week, performance is less than dynamic,
making for a dull existence for market watchers. The highlight for this
week, is the approaching forecast ( see top of page ), and we can only
hope that it brings forth some activity with adrenaline ... and not prozac.
This weeks chart is principally concerned with classic technical factors,
being trend lines and parallel channels. The Price retracement levels
are highlighted again this week. As per the other 2 markets, Friday is
also a watch day, which coincides with the 8th Dec forecast COT, however
this does get mixed up with the 10th Dec COT as well. All round , it's
a tad messy, but market action, as we approach will always lead the way.
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