Thread: Will the S&P break out above 1166 next week?

robo wrote:

The low held this week. The S&P has been confined between 1135 and 1166. Can we break above 1166 next week? I sure hope sooooooooo!

I really would hate to sound as a pessimist. However, I don't think we are out of the woods yet. The close on Thursday had everything pointing down. It would not be a surprise to see the S&P on its way down to the 1120-1125 area this week. A closer look at the 150 minutes chart reveals it is still congesting. No trend has been defined. The S&P is only 4 points above the 20 day MA (1153) and six points below what has turned out to be a brick wall (1163). All this point to 1125 as the next rebound point. The TSPGO! 5-5-10 Rule triggered a buy signal on Friday. I am expecting a drop on Monday (Buy Low), rebound on Tuesday or Wednesday (Sell High), followed by a catastrophe on Thursday or Friday. Regardless wich way it goes and I hope I am wrong about the downward move, I will be surfing the wave on the 5-5-10 Rule.

Good luck!

TSPGO!

robo wrote:

The low held this week. The S&P has been confined between 1135 and 1166. Can we break above 1166 next week? I sure hope sooooooooo!

My opinion: High energy cost (oil) has been a major detriment to the market for a year. Other bad news compounds the fears and worries. The good news gets sidelined. Really, a lot of companies are doing better this year from what I hear. Stocks are down because of pessimism. Oil fell to under $50 on Friday. If they can keep oil in the can, I think the pessimism will die down. And, yes we could break 1166 and then some. If...If they keep oil in the can. If they let him out of the can then all bets are off!

Rgds Spaf