 clipped from charts.barchart.com
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I didn't actually hear this first hand, I read it on the Internet.
A technician at Credit Suisse is forecasting a market bottom for the S and P 500 with a target price of 600-605.
I took a look at the market and I can see where he is getting this. Back in 1995 after breaking the 600 level for the first time the S and P went and forth against that level for about a year and a half. Looking at the chart, 650 also looks like a formidable area also. We could hit either or both of these areas this week.
I can't find my tech "guru" but 603 also looks like a Fibonacci number.
Do we have an tech "gurus" in the house. How about a Gann expert.
Feel free to tell us what you think, technically or fundamentally.
I picked up this thread on Across the Curve.
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 Bob DeMarco is a citizen journalist, blogger, and Caregiver. In addition to being an experienced writer he taught at the University of Georgia , was an Asociate Director and Limited Partner at Bear Stearns, was CEO of IP Group, and is a mentor. Bob currently resides in Delray Beach, FL where he cares for his mother, Dorothy, who suffers from Alzheimer's disease. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. His content has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, BlogCritics, and a growing list of newspaper websites (15). Bob is actively seeking syndication and writing assignments. |
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