A Daily Chart with Data and my Comments will be Posted here by 8:30 AM Eastern Time or Noon on Weekend the following morning, baring technical problems or prior notice. My Data Source is Markets Diary: Closing Snapshot - Markets Data Center - WSJ.com
Chart and Data Below (Click on Image for bigger chart)
Tuesday Morning 8:30 AM Jan 26 2010 Comment for Monday Jan 25 Close: Forecast remains bullish for the longer term but the correction would be expected to stabilize early next week around mid channel (1105) or if that fails then lower green envelope (1045). In the days ahead I will be concentrating on the T Theory analysis to refine the end of the correction, etc.
Monday's trading was somewhat disappointing in that it could not hold the mid day rally that would have lifted the S&P up to the mid channel support level. Note in the chart that the black line (mid-channel) has provided support all the way back to the early March low, except for July '09.
The positive development is that the volume oscillator is starting turn up from an oversold condition. A better bottom pattern in the oscillator is needed over the next few days in order to prevent the slide from continuing. This will take a few days to confirm as the first step. Terry
See Recent Posts at bottom of page. Check my Sunday Update Terry Laundry's T Theory Observations for this coming Sunday afternoon for bigger picture details and further comments.
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