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- Don’t Buy This Rally - Window Dressing and EOM Buying Won’t Last.
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Last week, the market sustained serious technical damage. Major support levels have been breached and the momentum clearly favors the downside. Currently, the SPY is only $3 away from the double bottom formed in March. A retest of that level is likely. This morning, the Chicago PMI came in a largely as expected. Business activity has contracted for the fifth straight month. Production fell to 45.1 from 51.5 and new orders fell from 56.1 to 52.0. This holiday-shortened trading week will include many economic releases. Construction spending, ISM manufacturing, ADP employment and factory orders will all be released before Thursday. Without …
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Fuente Original
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30 Junio, 2008| Technical Analisis |
@ 13:42