Thursday, September 20, 2007

Market Outlook MID for Sep 20th '07


Dominant TF: 60mins & Daily
Swings: UP-UP-DN
Market direction: neutral to mildly up.

60mins:
AdStoK is overbought territory indicates MID could pause for a while, and even retrace to 875 to find support on previous resistance, also a PR1 Fib level now.
Entropy is historically high so could peak soon.
MID can reach 906, but 875 is equally likely.

Daily:
AdStoK is bullish but the pattern is not very clear, and Entropy is not helping. One can therefore anticipate a modest increase at best.
Probable range: 875 to 906.

Weekly:
The Swing indicator has not turned around yet, and weekly bars are still yellow, indicating we are not back to bullish mode just yet. Having said that, volatility is the main cause for this hesitation.
MID could reach 906 then July highs, then 937, but iy is likely that 875, or maybe 858 be tested for support first.