GE technical update – market update

The GE weekly also has entered the final stage of this downleg as we are in week 11. GE, as Citi, is in unchartered territory but around 15 should be good support as we are below the weekly Bollinger (I suppose they soon will be turned into a bank as well). Since the whole market should bottom out within those 2 weeks (highly probable) – make no mistake, I mean only for this leg.

The market has gapped down and remains with a bit higher volume under pressure. The Dollar index made a Combo 13 today, which could have been an indication but the price pattern looks clearly for a rise towards the 90/2 level. The Investor Intel. report today shows a bit more bulls and less bears (bulls 31.9 and bears 46.1), that is overall a bit amazing as, like the RYDEX, it’s a bit premature that the numbers get smoother.

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~ by behindthematrix on November 12, 2008.

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