There is - unfortunately! - a fair bit of "open space" for the bulls to roam upward. There's really not much in the way of overhead resistance on the major indexes and, by and large, there's a decent amount of space between current prices and the next Fib level up (which is where they peaked last May). Not a great setup going into what is usually a "bear's month", September.
Take the $SPX (please!) I've marked in yellow the wide open space that bulls could trample upward, if they've got it in them (and, in the past month, they certainly have).
Much the same can be said of the Dow Industrals.
The NASDAQ is a bit more of an exception. It's approaching a fairly substantial trendline from down below.
Being exasperated gets old. I'm just going to keep sitting and puzzling. Weird, weird market....
Wednesday, August 30, 2006