"If I have not seen as far as others, it is because giants were standing on my shoulders." -- Hal Abelson
Saturday, January 29, 2011
Chartology: The week In Review
From Alhambra Investments:
Stocks were so overbought that Friday's nasty selloff didn't even break the uptrend line. From a short term perspective, Friday meant nothing.
From a longer term perspective there is room for more correction within the context of a bull move. Good support should be found at the Fibonacci retracement level around 1220. Further support comes in at 1125-1150 but at this point there is no reason to expect this to carry that far.