Some Market Perspective
A little perspective on where the current markets are:
DJIA - 23,995.95
Levels -
- 12,288 to 14,336
- 14,336 to 16,384
- 16,384 to 18,432
- 18,432 to 20,480
- 20,480 to 22,528
- 22,528 to 24,576
- 24,576 to 26,624
- 26,624 to 28,672
- 28,672 to 30,720
NASDAQ - 6,971.48
Levels -
- 6,758.40 to 6,963.20
- 6,963.20 to 7,168
- 7,168 to 7,372.80
- 7,372.80 to 7,577.60
- 7,577.60 to 7,782.40
- 7,782.40 to 7,987.20
- 7,987.20 to 8,192
- 8,192 to 8,396.80
- 8,396.80 to 8,601.60
S & P 500 - 2,596.26
Levels -
- 1,228.80 to 1,433.60
- 1,433.60 to 1,638.40
- 1,638.40 to 1,843.20
- 1,843.20 to 2,048
- 2,048 to 2,252.80
- 2,252.80 to 2,457.60
- 2,457.60 to 2,662.40
- 2,662.40 2,867.20
- 2,867.20 to 3,072
At this point the DJIA is trading within its 6th level. The 6th level is frequently an area where prices can accelerate or decelerate. The Dow has crossed above and below the 22,528 level several times. Given the market pullback and concerns of further deterioration, it should be viewed with optimism that the market has held within this level.
The NASDAQ had fallen below the 6,758.40 level into its lower range of 4,915.20 to 6,758.40. It is now within the next higher range of 6,758.40 to 8,601.60 - more specifically within the 2nd level, or 6,963.20 to 7,168 of the larger range. While it could slip back into the first level of 6,758.40 to 6,963.20, as long as it holds above 6,758.40 on a weekly basis that would help alleviate concerns of the NASDAQ slipping back down into the lower range below 6,758.40.
Finally, the SP500 at 2,596.26 is within its 7th level. It is sandwiched in between support near 2,457.60 and resistance near 2,662.40. There exists the potential for the S & P 500 to remain range-bound within the 7th level - trading more or less sideways. A weekly close below 2,457.60 would potentially invalidate the idea the SP500 is going to trade within a range for a while.
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