Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Friday, August 19, 2011

Intraday Update 8/19/11

Stock Market Technical Analysis
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Deja Vu day one beginning?  A quick follow up from last night, right as the bottom chart S&P succumbed to the death cross and just as the NASDAQ is threatening to, the DOW's red 50 line is poised to start turning sideways and attempt a  50/200 line bounce.  If they can push the market higher into the bell today and then jam the market higher fiercely come Monday, it will reproduce the scenario from Friday 8/31/10 (marked with a green line).  Today's close and Monday's open is critical, this will be a close one as it could easily go either way.