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Dow Elliott Wave analysis

Posted by Justyn on June 22, 2011 at 9:30pm

8118303074?profile=originalLast 2 days we have reached the top of the downward channel that commenced at the start of May so some resistance was expected.

So far it looks like we have had a double zigzag correction hence the ABC X ABC labelling. It is of course possible and not uncommon to have a triple zigzag correction which would mean another wave A down, wave B up, and final wave C down (within the channel) before we get a major rally. Personally I don't think we have seen a strong enough rally off that expanding diagonal triangle just yet (as mentioned in my last post and shown above) so I think today's sell off is just a correction before the rally resumes.

We certainly had a strong sell off tonight after the FED's press conference - Mr Bernanke sure knows how to move the market!

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Lots Of Green On The Screen (NYSE:SSO) (NYSE:BA) (NYSE:GLW) (NYSE:QLD)

Posted by Aadil on June 21, 2011 at 11:51pm
Today's rally is very broad based as there are few leading stocks trading lower this afternoon. The S&P 500 Index is trading higher by 19.00 points to $1297.00. The Nasdaq Composite is soaring higher by 57.00 points or 2.15 percent. Almost every major stock is trading higher as investors expect positive news out of Greece this evening regarding the government confidence vote. Should the Greek confidence vote turn out to be a negative vote it could mean turmoil for the markets in the short term. 

There are a couple of leading stocks that are trading lower this afternoon. These stocks are worth noting because they could lead the markets lower if the major stock indexes begin to decline or sell off tomorrow. 

Boeing Co.(NYSE:BA) is the worlds leading aircraft manufacturer. The stock is trading lower by 0.46 cents to $74.06 a share. Traders can watch for intra-day support around the $73.66 level. Should BA stock begin to trade higher, traders should watch the $74.40 level as intra-day resistance. The daily chart still remains weak with some minor support around the $72.40 area.

Corning Inc.(NYSE:GLW) is another leading stock that is trading lower this afternoon despite the large market rally. GLW stock is trading lower by 0.24 to $17.68 a share. This stock will have intra-day support around the $17.40 area. Should GLW somehow rally higher the stock will have good intra-day resistance around the $17.85 area. This stock remains very weak on the daily chart trading below all of the major moving averages. This daily chart pattern puts GLW in a poor technical chart position for the near term. 

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