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| Outlook for Selected Markets. DJIA - NASDAQ - S&P
500 |
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| The following forecasts are based upon a selection of
primary tools and the application of a number of simple Gann rules regarding
Time based analysis and forecasting. The 'Change of Trend' (COT) dates should
not be taken to represent dates upon which a significant change of trend
will occur. Suffice to say that according to rules applied, a change in
trend should occur on the given date. |
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| Summary for Week Ending 8th March 2002 All markets had a terrific time this week posting strong consistent gains. The DOW finished as it started after wandering midweek and both the S&P and NASDAQ simply shot straight up. Swing Charts DJIA No change to the Swing charts for the Daily swings this week as the trend has continued. The weekly swing also has no change as the activity has persisted in the current direction. The Weekly swing so far has traversed 1285 points in 37 days, and the previous swing of this magnitude was 1699 points in 35 days. Seeing as time is almost equal, we can also look for price range equality with the current run. This would indicate a future target price of 11142. S&P500 Not much to speak of here as the run this week was essentially vertical, following on from the previous weeks entertainment. Daily and Weekly both showing an 'UP' with the weekly confirming when it breaks the 1177 level. NASDAQ As with the S&P, the NASDAQ is also running vertical after the nice launch pad pattern mentioned in last weeks report. The market still has a long way to go in comparison to the other markets, and is approaching some technically significant levels. Charts The Chart this week for the DOW shows the Gann Fan from the Jan 2000 high which is the line that is providing the most interest at the moment. We are still looking at the equinox in 2 weeks, and current activity is indicating that is may be productive. Sat 9th Mar was 180 solar deg from the Sept 11 attack, and Mondays action will indicate the significance of this time Zone. Fridays action (open high and melt all day) may be a strong indicator to action early in the week. The S&P this week again has the Square of 9 from the May 2001 high highlighted as well as a Gann Fan from this point. The Market is again approaching the 1177 range which has successfully stopped it twice in the past. Of interest also is the recent double bottom where the legs where 47 and 50 points respectively. We can expect the market to move 200% of the distance legs before hitting resistance. Averaging both we get (47 * 200% = 94 ) and ( 50 * 200% = 100). Averaging these figures ( 100 + 94)/2 gives us 97 points. The run (so far ) from the bottom is 98 points. The NASDAQ this week has the Parallel lines and Speed lines highlighted as well as the Price Retracements. As can be seen with this chart compared to the other markets, it is lagging considerably behind the others, and gives the appearance of being 'dragged' up instead of pushed up. Activity here is all on basic technical levels and as with the other markets, the Sept 11 180 Solar Deg mark should be considered. DJIA See Chart S&P 500 See Chart NASDAQ See Chart |
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