Tuesday, May 22, 2007

Where to next?

Tuesday was more or less a repeat of yesterday. I don't know if the Russell 2000 has completed a bullish breakout from a handle (where resistance stood at 835), or if a completed test of a broadening wedge has been made? If the former there should be further gains on Wednesday (or at least no close under 835), if the latter then look for a move back under 835.



The Dow has reached is projected target. Fibonacci retracements likely favor a move to the 50-day MA.



The S&P still has some 30 points to run before it reaches its projected target:



The Nasdaq is interesting in that it cleared the 2,580 stumbling block, but volume has hardly been inspiring:




 
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