JSFalvo’s Market Commentary – Tuesday January 20, 2009
January 20th, 2009 | Published in Featured | 2 Comments
Today’s Market Commentary Tuesday January 20, 2009
The Oversold McClellan Oscillator again helped us look for an oversold opportunity to go long, with the target of 8300 being hit Friday. It opened at -8.61 and -200 gives us the best signals but we were coming off very oversold levels and we are still in bounce territory according to this oscillator.
Gold saw a $30 bounce move off David’s low target last week.
Today we should continued up moves in stocks and Indexes after some immediate market weakness based on the weakness we are seeing overseas financial markets.
Our next upside DJ-30 target is 8571, the daily 50sma, followed by 9000 on the three day charts.
They are looking like a “Hockey Stick” up pattern after some likely early down moves Tuesday. We have 1, 2, and 3 day buys signals and a daily Soap but pattern.
The markets could be distracted for most of the day with the swearing in ceremony Tuesday.
SP-500 support comes in at 832.50
Russell 2000 failed the 50 SMA the first hit. I would look for at least one day pullback before any attack back up at the 50.
An immediate gap up thru the 50 would suggest the game is on now.
**Disclosure: I have no positions as of this writing I was on vacation Friday and I am coming into today flat.**
