Radar/Market Update

March 7, 2012
By

The market has reversed from very significant resistance:
1. Neckline from major distribution top in 2007
2. 2001 closing weekly high
3. Weekly ATR
4. Swing Projection from October lows, as well as inverse H&S projection (not shown).

Based on recent weekly swings of similar position and degree, we can expect 2-3 week,  4% (+-.5%) correction. That gives a target of 1315-1330. Note the 10-week MA at 1331, and 50-day MA 1321 (not shown):

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