OEX and Nasdaq; Potential Major Inflection Points

Posted below is a chart of the OEX that shows a confluence of multiple projections to the 647 area +/- a couple points. There are two separate range expansions of 1.272 that project to this same price. Also, the 647.5 area is where the price advance from the July 2010 low is .618 times the length of the March 2009 to April 2010 price advance. All measurements are based on semi-log scale.

The next chart show a massive parallel channel in the OEX using semi-log scale. Price is just bumping into the upper channel at the 647 area.

The last chart shows the Nasdaq is running into potential resistance from two different channels that intersect at current highs. This chart is also in log scale.

Based on the above charts and apparent massive resistance at current prices, along with the 488 td CIT timing in this time zone, one should assume the equity markets may be making an important top in this area. A move above 655 basis OEX would likely invalidate the top thesis for now. Kim Rice 3/27/12