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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

S&P500 Holds Up Whilst DJIA Breaks Its Support Up-Trendline

Stock-Markets / US Stock Markets Feb 02, 2009 - 07:45 PM GMT

By: Kingsley_Anderson

Stock-Markets Best Financial Markets Analysis ArticleThe slow grind on the indexes continues. While the S&P 500 and DJIA finished off their lows, losses still occurred. The rally that many expected in January failed to materialize. Unfortunately, there is not even a hint as to when one may occur.


Overall, it was a mixed day. As was the case recently, the DJIA has been the laggard index. While the DJIA almost lost one percent, the S&P 500 only .05%. Moreover, the trendline that had been established on the DJIA was breached, whereas, the trendline remains intact on the S&P 500. Lastly, the S&P 500 is above its 61.8% Fibonacci retracement while the DJIA fell below that point, which likely means it will test the November low.

No one said this was going to be easy. Those unfamiliar with the market assume that once it stops going down, it will simply reverse and begin its ascent. Nonsense. This sideways action can go on a long time before a true bull market takes effect. Or, we can continue going down. No one really knows.

Based on this prolonged and monotonous sideways action, it is my opinion that we are in an accumulation phase. However, before buying stocks, I want to see a multitude of indicators confirm that a bull market is underway. Among the factors I will consider are an uptrend that is confirmed by higher volume and stocks and/or sectors emerging as leaders. At this time, none of these conditions exist. Until that time, I will diligently follow the price action and wait for the right time to buy.

Positions: None

By Kingsley Anderson

http://tradethebreakout.blogspot.com

Kingsley Anderson (pseudonym) is a long-time individual trader. When not analyzing stocks, he is an attorney at a large law firm. Prior to entering private practice, he served as a judge advocate in the U.S. Army for five years and continues to serve in the U.S. Army Reserves. Kingsley primarily relies on technical analysis to decipher the markets.
Kingsley's website is Trade The Breakout (http://tradethebreakout.blogspot.com)

© 2009 Copyright Kingsley Anderson - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Kingsley Anderson Archive

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