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It's Brian Johnson again and here's a
video on the current state of the markets and what to look for as we push
forward. Both the DOW and the SPX appear to be in bear flags but they're not confirmed
until we break out of them to the downside.
Lots of overhead resistance at the
1085 mark but a strong move above that then I'd be looking at the 1095 then
1103-1105 levels. Be patient and be careful holding anything over the three day
weekend.
The uptrend remains intact. We just keep hitting that line – this morning, for the 5th time in a row. Unless we break the lows from earlier today, this line is going to keep the bulls afloat. The one spike beneath it, last Friday, was just an outlier, quickly rendered irrelevant by the late-day spike.
This is a clean chart, and is slow, steady, and boring. I'm inclined to those properties these days.
On page A27 of this morning's New York Times is a table showing, among other Olympic tidbits, who it was that opened the games over the years. It's quite a list……..here are some samples:
1936 – Adolf Hitler
1960 – Richard Nixon
1972 - Emperor Hirohito
1980 – Walter Mondale
2002 – George W. Bush
It seems to me that being asked to open the Winter Olympics offers one a fair chance at ultimately earning an unfortunate place in the history books.
I woke up early this morning, and I was pleased to see that China's decision to raise its reserve requirement had worked a bit of magic on the ES. We've been channeling upward for the past week, and we're now about in the lower half of this channel.
Monday is a holiday, so it'll be interesting to see how the tension of a three-day weekend plays into the action today.
