“This is the week to confirm key reversals for semiconductors, emerging markets, the NASDAQ 100 Shares and Crude Oil. Another lower weekly close is required for the Dow and S&P 500. Retail HOLDRS are negative. An update on the Home Affordable Modification Program!
Weekly Key Reversals
Last week we saw weekly Key Reversals for the Dow and S&P 500, which continue with lower weekly closes this week and next with the Dow below 10,173 and the S&P 500 below 1115.1.
The prior week we had weekly key reversals for the SOX, EEM, QQQQ and crude oil and had lower weekly closes last week continuing the overall key reversals. These key reversals are confirmed by closes today below 329.49 SOX, 39.61 EEM, $44.16 QQQQ and $74.26 on Nymex crude oil…”
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About Richard Suttmeier:
Richard Suttmeier’s latest blog analyzes earnings from Intel, the most important technology stock, JP Morgan Chase, the most important “too big to fail” bank, and break-out’s for Comex copper and Nymex crude oil.
Richard Suttmeier is the chief market strategist for ValuEngine.com. Richard is an industry leader on the housing market and banking system and writes a newsletter covering The Great Credit Crunch. He produces a List of Problem Banks by name. He produces daily and weekly briefings covering the US Capital markets. Richard Suttmeier’s ValuEngine Four In Four video is available on forextv.com.
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