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Rally Could Go Further Before Resistance

By Dick Arms

 About this article:
 As we noted two days ago, the Arms Index numbers had become exceedingly oversold as a result of the prior few days of concentrated selling. Therefore it looked as though a rally was imminent. Yesterday that rally seemed to emphatically develop. The one-day advance just about regained the loss of the prior three days. It took the various averages toward, but not yet to, the levels that were broken through, and which we had noted as being critical as the decline got going. On the first chart, below, we see that the level that was support, and is now likely to be resistance, is around 1075 to 1080 on the S&P 500. A look at that level is likely. On the other hand, though, a great deal of technical damage was done in the last few days. Of primary importance is the fact that the ascending...

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