Unlimited access to Dick’s daily forecast – thoughts and perspective on the market
Here's one of Dick's calls titled Deeply Oversold 28-Oct-2009
The market took another hit today and basis of short term technicals this market is deeply oversold. I honestly expected the market to rebound after an early decline today but it closed on the lows of the session. Unless we fall off the cliff from here, I believe a 30 to 45 point rally in the future is in the cards. The 4 day volume number is at 16 and normal oversold is 30 to 35. The McClellan oscillator close at -350 which is about as extreme as I've seen it. Don't go heavy but play the long side tomorrow.
What was the Result?
The very next day (Oct 30 2009) – the S&P rallied 24+ points.
It’s been several weeks since our last update. This will be a short update. However, we wanted to bring an interesting setup to your attention. At today’s low the S&P cash has formed a (Bullish) Gartley pattern. As we have mentioned on previous posts, 78.6% represents an interesting Fibonacci from a risk/reward perspective. Under the current scenario, we have support at 78.6% and the all-important 200 day exponential moving average. If this Gartley is valid, the market should rally.
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