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General Market Commentary
JNJ, MMM, HD, CAT, MA, MCD, PEP, PM, WMT, WSM all ready to turn over. UNH, VZ getting close. AMZN, MSFT, NVDA, NFLX ready for last gasp. GOOGL, FB, ADBE could still move upward a ways. So, DJIA is ready to turn but COMPQ still has some gas. RUT is nearing gap fill but has the potential to run hard northward still. Banks can still run hard, as well as the airlines. Oil still needs to make it to $31, and, for operators and service companies, giant gaps remain higher, but we may meet first meaningful resistance at first gap fill tomorrow.
Equidistant lines with long term channel. Basis for channel is large gaps at 1929 and 1987 tops.
Same equidistant lines, now subdivided. Major support and resistance occurs at lines.
Expecting price to fill gap, then resumption downward.
CAC40 presents starker picture.
My guess is that we retest red line, giving appearance of shakeout to entire impulse downward. However, this will be a false recovery, and we will proceed downward to projected bottom channel line.
I couldn%27t get horizontal lines to conform as well as in others, but the idea is the same. Retest then resume downward.
Waiting to see how price reacts to red line at ~$31. Faint lines represent possible paths forward.
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