*************** PEBBLEWRITER.COM IS LIVE! TO SIGN UP, CLICK HERE ***************

Thursday, May 5, 2011

The trendline that just won't quit

The market bounced off truly abysmal employment figures today.  I suspect there's one more push up to 1375-1390 before P[3] commences in earnest, probably around the middle of the month if the every 90 day pattern repeats (see 5/2 post.)

Showing up again to provide the bounce?  The trendline deriving from the Oct '07 highs -- which also grazes the Feb 18 top, the 4/6 top and the 4/20 - 4/25 shelf.  Today, it sits at about 1335.

No comments:

Post a Comment