Price-wise we are back to the middle of the recent range. I have very little to add tonight so I thought I’d do a quick review of outstanding studies. Earlier this week there were several bearish studies which had short-term influence. That influence is beginning to dissipate. Those studies may be found here and here.
Prior to these I had posted several bullish studies with intermediate to long-term influence. Each night in the Subscriber Letter I list all outstanding studies, their time frame and their bias. I find it a useful graphic for helping me organize my thoughts and determine my own trading bias. The bullish intermediate-term studies I consider active are listed below along with the time-frame they looked at.
March 24, 2008 Nasdaq Leadership Bullish - 1-10 weeks
March 19, 2008 Bottom Explosion 2 - 1-20 days
March 19, 2008 3.5% Up Cluster - 10-20 days
March 17, 2008 Consumer Sentiment Stretch - 1-12 months
March 12, 2008 Bottom Explosion - Now What? - 1-20 days
In reviewing them you may notice that many are just beginning to reach their sweet spot.
While the pullback may or may not have farther to fall I am not seeing evidence at this point that it will be anything more than a pullback.