Sunday, July 5, 2009

Numbers to Watch on the way Down

NDX: 1400, 1340
RUT: 485, 470
SPX: 875, 846
INDU: 8259, 8000
COMP: 1715, 1660
(daily charts attached)

Also looking at the Weekly charts (not posted up here, but on my stockcharts list)...I think the Russell looks like its in for the biggest % short term fall here. (rsi:50.88 angling down). I think that 470 is more likely than even 485 as the next short term destination. I think that the 2nd targets (the lower of the 2 numbers) are the most likely next destination for these indexes, some even more likely than others. But...we shall see.

Weekly wise, INDU is already the by far the weakest (relative) at like 47, and the SPX rsi had just crossed under 50 last week.

Those same targets are some potential support levels worth watching. (personally am looking to cover some shorts (goog, tin, sbux) at etc.)

I will respect them all. However as the first ones "go" just to me makes it most likely they are headed towards the 2nd level.
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