Overall U.S. Stock Market Summary
8/4/2006--update--with a new SPY chart, same
"near term pivots," and some new comments!
--NEAR
TERM BOTTOM LINE--
KEY LINES ARE STILL: SPX <1200
and Dow <11,000 down, OR CMPX >2190 and SPX >1300 up.
PTR's targets for a 10/2006 low: as of 8/4/06 close: SPX
1160-70, SPX 116-17, DOW 10,650-10,200, CMPX 1890-1750, NDX 1360-1260, and
QQQQ 34-32.
The
market looks like it just finished week 3 up on the upside to a new 13 week
trading cycle that made it's low near 7/18/2006. If true, and confidence
is high on this, then we think the upside bias is still bullish until about
8/21/06 when we hit week 5 up. After that we still expect a hard sideways
and down into our expected 10/2006 low...for the key 4-Year Cycle trough.
NOTE
THAT SPY is at 128, and the SPX "cash" index is at 1280, so they are now
lined up, dead on, a 10:1 frame. Therefore, with the SPX 1:1
angle at 1230 and the "cash" index closing @ 1279 on Friday, 8/4/06, these
S&P indexes are just above their key angles...after BOUNCING up off
them, exactly, at the 6/18/06 low.
With the DOW, DIA, NDX,
and CMPX all below their critical 1:1 or 1:2 GANN ANGLES, coming up from
the 10/2002 low, then it looks like the HERD is using the SPY-SPX 1:1 angles
as CRITICAL SUPPORT...so watch this closely.
