Point & Go Figure: SPX, NDX, DJIA, RUT, OSX, NLS, TY/Z5
Have we reached the end of "more of the same"?
Below are some charts that caught my eye, as well as some that were requested by Minyans. If you would like a chart reviewed, let me know here.
I have added text and illustrations to the charts where necessary.
All charts courtesy Dorsey, Wright & Associates.
S & P 500 Index (SPX)
The SPX rally should be contained by the area of resistance from 1200-1215 barring a change in the longer-term context.
NASDAQ Non Financial Index (NDX)
The NDX faces resistance for any rallies at 1560. Support on the downside is firm at 1500.
Dow Jones (DJIA)
The Dow shows resistance at 10,300 - 10,325, after that is an area of "no-man's land" up to 10,500. Support is in the 10,175 area.
Russell 2000 Index (RUT)
The RUT has recovered quite a bit of its impulsive move down bewlo 635. Resistance becomes more problematic, however, as 645 comes into play.
PHLX Oil Service Sector (OSX)
The OSX correction continues and will become more intense and complicated with a move below 152.
The Nautilus Group, Inc. (NLS)
NLS has already violated important trendline support from the 2003 lows; moves higher should find resistance at 22, then 27. The context is negative.
T-Notes Dec 05 (TY/Z5)
Dec. T-Notes have met the downside price objective at 108.7. Although the longer-term trend remains negative, the potential for a corrective move to as high as 110 is possible here.
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