After the shock sell on Friday - Monday Morning - Markets are at weekly supports

Today, we have President Bush will talk about the economy mid-afternoon Monday, and Treasury Secretary Hank Paulson will speak at 2 p.m. on the economy and the capital markets in New York.




Markets are at LT support as shown on the EW chart after selling off Dow 4.23 percent, S&P 500 4.52 percent, and Nasdaq 6.35 percent for the week after 98 point drop Friday.

Markets closed at weekly supports. Bulls last chance.
Qs closed near at weekly support 48 - 48.20 and LT TL S and SPX 1410 +/- weekly TL S.

Bulls last defense at weekly supports. This is for Bulls' last support level.

Posted the bearish count on 12/23/07 as shown on the link.

As noted I am flexible during 2008.

Good luck


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http://investorshub.advfn.com/boards/read_...xt2find=diamond
Comment on Diamond formation
Date:12/23/2007 4:30:46 PM
Post #of 5290

SPX daily in a Diamond formation: SPX 1485 is a pivotal resistance within a diamond formation after a strong trend up since Jun-Jul 2006 bottom which is the 4yr/8yr cycle bottoms as noted on previous posts.

Breaking above 1485/1500, SPX will retrace to 1575 +/-; conversely, breaking below the lower Diamond TL support, it will retrace to the Jun-Jul 2006 TL support targeting 1250 +/-.