ShepWave Update Part III for Monday... Indexes Topping???..BPNYA Indications?
by ShepWave.com
Posted: 6/3/2007 21:01 EST
I tried to give everyone enough time to absorb the last two reports. In this final Part III Update for Monday morning I go over some key trading opportunities for the indexes and will highlight a few stocks. If there are any stocks that subscribers would like me to include in my reports just send me an email. This week I have included some trading strategies for BIG (Big Lots) and TNT (TNT N.V. ADS).
One thing I want to reinforce. I mentioned that wave 3 from the lows of Summer 2006 was equal in price as the wave 5 which began with the lows of March '07. (Review the last two updates) This is just a warning indication that the markets could at the least see a short term downward correction. Due to the possible 'ending diagonal' pattern of the entire rally from the lows of October 2002 there is definite reason to be cautious if LONG or if an Investor. If we do get the SELL SIGNAL triggers this week ShepWave will be following the action closely for 'bounce' areas and then watching the 'bounces' to see if possible new all time highs will be set for the Dow, Transportations, and SPX indexes. We don't see much reason (Yet) to believe that the Nasdaq indexes will reach their all time highs set in 2000.
I show some further analysis for the indexes in tonight's part III update. Use the charts for the QQQQ as a proxy for the NDX and Nasdaq Composite indexes.
Is the BULLISH Percentage Index Topping out for the NYSE and DOES this indicate that we have possibly seen a short or mid term TOP in the indexes?
Click here for tonight's ShepWave Update Part III.... Lots of Charts!!
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| Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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