Saturday, September 22, 2007

Market Outlook MID for Sep 24th '07


NOTE: MID patterns are too correlated to RUT to warrant a separate analysis. MID charts will therefore no longer be posted.

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

60mins: neutral to mildly DN, til support is found.

AdStoK and Entropy show some retracement potential to 875 (maybe 870) to find support and possibly go higher later on.

Daily: neutral to UP
AdStoK is bullish and the pattern is slowly getting clearer. We can now anticipate a slow bumpy up move until lines cross.
Probable range: 875 to 906, to ... 937.50. However 937 is unlikely in the short to mid term.

Weekly: neutral to mildly UP
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. A Fib pattern seems to take shape too with a target close to previous highs.