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Charts courtesy of stockcharts.com

Saturday, June 30, 2007

Starting To Take Shape

A down trend is begining to take shape here. Money flow is declining, if slightly. The 50dma seems to be a point of resistance. A lot of pundits are saying we will resume the uptrend once earnings season starts. I'm not so sure. However, until 1485 is broken, I have to assume the bias is to the upside.

The Russell has a similar pattern, except for the very strong support at 820. The 50dma provided support today, but recent history shows it isn't very strong,

My apologies for the late posts today, I gave other issues taking up time right now.

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