The market still seems to be in a correction. Keep watching the 1012-1017 area on the S&P 500 for short term support. If we break below this area, the correction could end up being a bit deeper. Also keep an eye on the 10 day moving average. It seems the market has been testing it as support for the last two days. 1050 still remains the short term upward target. The market is acting like it want to get there. The RIMM pattern is still holding that support. The stock sold off a bit after it gapped up this morning (along with the whole market), but it still ended up closing a bit higher than yesterday. If you haven't tried them yet...check out Jesse's new MuscleStocks scan on the Market Trend Signal (www.orbisadvisors.com). He recently added this scan and the stocks have been performing very well. You still need to make sure you look at the chart (I don't always like all of the patterns) and try to avoid some of the stocks that have made huge moves the day before (wait for a pullback on those stocks). If you haven't tried this service yet, go to the website and sign up for the free trial. I use this service for a lot of my scans and stock picks. Have a good weekend.
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Hi Jerry,
ReplyDeleteThanks again for the market analysis. Is the 1050 upside potential for the S&P 500 from a previous resistance level? I see a high of 1044 on 10-14-2008. If this is not how you projected the 1050 level, would you explain please? Thanks very much.
J.J.M.