Tuesday, July 25, 2006

Stockcharts.com: Summary Opinion

Here are some brief highlights from the public lists of Stockcharts.com. The opinions give here are those of the posters and not of my own. If you like any of the research they present many have websites and if they don't then your 'Vote!' would be welcome.

Matthew Frailey has a nice chart showing where the next sector of leadeship will be: large caps.

His stance on the dollar is similar to my own (a bullish reversal head-and-shoulder pattern) and has a long term chart showing strong support at around 80.

Following on from Matt's large cap prognosis, Ryan Henry had this to say about the S&P from his use of Elliot Wave Theory:

This lower band contines to provide support. It doesn't appear as if May's correction is over, but it does indeed appear corrective

Ted Burge was less optimistic on the current rally. His opening remarks were:

The support and resistance levels were incredible again today and they are all prepared for you for tomorrow on my site. FYI there were a net 4 new buy signals today and that is not enough to impress a flea.

and he had this to say about the action in the Dow:

I know! I know! It is boring, but after you see it enough times you will stop questioning it and use it. Stopped today at resistance within one point.

For QQQQ tradaers Michael Winfree has a nice weekly chart showing (so far) a positive test of 3-year channel support.

Robert New favors a bearish stance but also notes the developing bullish divergence in the MACD of the NASDAQ and what it could mean for the index.

Our next resistance level at 2,087.....some bullish divergence in place at our neckline area suggests we head higher near term

Finally, Marco Loureiro, has 2 simple charts showing where the money is flowing now. Sectors typically strong in the early stages of a bottom.