7/24/08
Major indexes are pulling back healthy as expected since S&P, DOW both were printed a shooting star candlestick pattern yesterday. As you can see the chart on left, S&P just retrace exact 38.2% bounce and hit first heavy resistance, RSI 50 is always a mark to determine bullish or bearish. Also, the Stosc indicate short term overbought. There is more to say market is due for a pullback. Remember I said market need "W" shape recover rather a "V" one. It is happening now. I am looking the S&P will get the bounce around 1240-1250 area and form an inverted H&S pattern. Let see if I am correct or not.
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