All things considered, the market is doing well this afternoon compared to its prior four trading days and this morning, and is attempting to avoid a quarterly echovector price level pivot it came close to earlier today.
Our forecast this week included short-term support in this key pivot price range. Exhausted Bulls will welcome this breather...
However, downside weekly echovector pressure remains strong.
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See the following referenced instablog:Posted by EchoVectorVest at
11:26 AM
DOW 30 SIGNALS STRONG CAUTION: POTENTIAL QUARTERLY ECHOVECTOR PRICE PIVOT ATTEMPING TO FORM TODAY
Ticker Symbol SPX, DJX, DJI, SPY, DIA, QQQ, IWM
Theme tags: Outlook, Economy, Technical Analysis, Market Analysis, Market News, Stock Prices, Macro Outlook, Macro Economy
PROTECTVEST AND ADVANCEVEST BY ECHOVECTORVEST
TUESDAY, MAY 8, 2012
DOW 30 SIGNALS STRONG CAUTION:
POTENTIAL QUARTERLY ECHOVECTOR PRICE PIVOT ATTEMPING TO FORM TODAY
Further Caution is still warranted as the DIA trades below the close of the Quarterly EchovectorVEST EBD (EchoBackDate) of 128.51 for today, set on Tuesday 7 February 2012.
Closing below 128.51 on the DIA constitutes a very significant closing value QEV pivot warning to investors and traders.
Breaking below $127.55 intraday today would also constitute an extremely significant QEV pivot warning occurring with respect to the QEV EBD closing low value on Tuesday 7 February of $127.55.
However, reviewing current market dynamics today, and other substantial EchovectorVEST Model algorithms at work, it is our current view, this hour, that the US Major Large Cap Composite Stock Indexes may possibly find some temporary support this week in this $127.55 to $128.12 DIA PEB range.
However, we still suggest strong caution, on an hourly QEV EBD and QEV EBP basis, the rest of the week, especially concerning this pivot potential and its possible negative implications and impact on current price levels going forward.
"Were keeping watch for you"