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Technicals Say More Rally Ahead

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TECHNICAL VIEW. April 29th, 2008: The Dow Industrials bullishly pushed up and out of its 3-month trading range on Friday, April 18^th joining the Dow Transports to the upside. Bullish. A number of other key indices, like the Nasdaq Composite did so as well. Thus my interpretation now is that we have a substantial upward movement ahead of us. Beyond saying substantial, I can’t say predict how high we’ll go. Still, up is up, so its best for most investors, speculators and traders to increase their market exposure asap. I have. As to the duration of this move, my best prediction is that it can at least run to the end of May figuring on the three week to three month scope of counterswing rallies. Schwartz View: Now, this rally doesn’t have to run that long. There’s no reason for bear market rallies to have to run the full three months but with the stock market just now moving up & out of its trading range, that’s a good indication we have more upside ahead.

Posted 04-29-2008 8:58 AM by Richard Schwartz

Filed under: Principles of the Stock Market, Richard Schwartz, Technical View, Charting, Keys to the Market, Dow Transports, Day to Day Action, Higher Higher & Higher Lows, Portfolio Strategy, Trades, A Line, The Principle of Technical Analysis

Comments

forthefew wrote re: Technicals Say More Rally Ahead

on 05-06-2008 10:27 AM

I sure hope you're right!

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