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11/24/2003 Archived Entry: "S&P Outlook, ProfitPoint."
OK I've been away for a few days, and have not posted many charts, so I'll make it up with these two! Click for Nov 10th ProfitPoint S&P Outlook. (43k file) The above file contains my S&P outlook as published in the Nov 10th edition of ProfitPoint, my daily subscription newsletter. Note what I said about the 1035 support level, and the ramifications for the recent up-trends. Note also what I said about the next lower support levels. These are valid as long as the Nov 14th high is not exceeded. Those support levels will raise if that high is exceeded, so the next weeks can have a significant effect on them. Check back here for updates. Click for current S&P chart. This is an updated daily chart of the S&P. See how the 1035 support level held?? I have shown the major support levels, but left off the detail Fibonacci levels for clarity. The TRSI indicator at the bottom looks ready to cross upward. If it does, there is a good chance of a move up to 1060 and possibly even 1078 in the coming weeks. There are significant weekly resistance levels in the 1069/1075 area, so I expect sellers to appear at that time.. We don't need to guess at how far it may go, just stay with the chart until it crosses back at a Fib level, let the market run! Don't exit until it shows resistance... I'm planning an interactive Fibonacci training session on-line during the month of December. You will receive email about this when it is finalized. Best wishes,
-Neal.
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