March 4, 2005: Crane

After close analysis:

Well well well! Ok, so some employement kaka came out then the market has a whimpy rally! That's all we got today. Of course didn't trade cuz it's Friday, but nice thing I recognized pattern early in the day! yea yea yea.... Well, most important thing is 10875 on dowg was taken out (holly ....) and path of least resistance is up at least for this index and SP. Rally wasn't spectacular but we'll have to wait and see what the overall market will look like next few weeks.

Observation(s) of the day: Nazdog and semis aren't participating in all of this! (alarming)... might need to revise my dow projections based on that.

Market breadth was mixed. Vold and Add which mostly track Dow and ES were relatively stronger than Addq which correlates with NQ and AB.

Futures were mixed as well. Everything moved together except NQ! AB had nice crane pattern with morning out of a descending channel. Pattern on 3 and 30m showing clear arc in the making and that's what happened! ES200R amazing chart remains in bullish area.

Indices were mixed as well. Naz the laggard with nothing to show for. Semis same story but sitting on bottom of multi-day channel... This is troublesome. Dow on the other hand just rallied out of channel and gapped up in morning above 10875 and marching towards 11k!!

Overall neutral day!