The Wilshire 5000 Revisited
Perceptions from May of 2007:
Four months ago, we presented Bullish: Like There's No Tomorrow, which presented a bullish view and critical-mass-breakout buying opportunity for long term-investors interested in capturing further upside potential in the Wilshire 5000 index.
We don't get fooled again:
Those adhering to the general protocols outlined in that piece are flat - as they now hold this index sternly to task - awaiting a long-side re-entry signal upon a close back above the 14991.68 level.
All now rests upon the success or failure of more pie-in-the-sky interventions designed to abate a yet to be quantified risk, which now permeates through the financial-sphere with the threat of a terminal cancer.
Adopting prudent long-term measures of austerity as outlined in our Wilshire 5000 link from May - is essential to successful investing, and is the type of guidance regularly highlighted in our longer-term studies.
Those navigating in and out of broad market indices seeking short-term speculative profits will continue to do well in strictly adhering to the price-action, which if interpreted properly, telegraphs the markets short-term intentions with stunning accuracy - as evidenced in our chart below.
Below is an actual price chart, which will appear in the "Outlook" for
The chart below documents standing short-term trade-triggers and price-targets as captured from Elliott Wave Technology's Near Term Outlook.
For active traders of all time-horizons, there is no better road map for navigating broad market indices than the Near Term Outlook.
The Week in Review:
The NASDAQ 100
Up against resistance in its eighth-week of correction, fresh highs into the coming week may prove bearish, while an immediate sell-off to re-test the lows will likely turn the NDX more bullish near term.
That said; let's see how the balance of broad market indices' faired in closing out the month of August:
As the financial-sphere attempts to quantify known-risks vs pending interventions, it is likely that The Dollar remain under pressure for the next couple of weeks.
The Dow has managed a respectable bounce off the lows, but remains at the lower end of its former range from May/June.
Gold continues to chomp at the bit in its quest toward breaking decisively above the large overhead triangle boundary of resistance.
Unlike the Dow, The S&P has been unsuccessful in reclaiming the lower end of it former May/June range.
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Until next time ...
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