lnc investor and sufferer, page-89

G’day David,
It certainly is a nice neat triangle, supported my numerous touches on the upper and lower giving it more conviction, and ranges to trade within. Breakout will certainly suggest bigger movement.
Friday closed on the SPX at the top of the trend channel. If it retreats from here, that will mean 4 perfect touches, giving it more credence for future guidance. The Dow is not as neat a chart like the SPX because it is in a neat downward channel. The NDX is just off such a similar upper trend line, Russell just off its top, so there is some confluence of being near some resistance overall, or close to where a major move could be occurring.
The economy in the US going by Bond interest rates steadily rising suggests the economy is continuing to improve, Also supported by rising revised employment gains (even though Govt has been decreasing) and housing sector. This can have mixed effects. Economy improving…good, but this could also mean QE starts being wound back. There is still geopolitical concern in Muslim countries, Europe woes, and China banking. A mixed bag .
14860 is the first area within the triangle that I would be looking at, and then the rising bottom of your triangle. If that broken, then the following.
On the Dow, price is at the May resistance (similar to SPX). It does not have to go far for a general breakout, but more likely to be the other way. Trend is down with lower lows and lower highs, so unless the falling upper trend line breaks to the upside, which is not very far away, it looks like it could go lower. The following are the 3 major areas to keep an eye on for support.
Support: The 14850s area is the most noticeable. It is 61.8%fib of the last upthrust from 19 April. It also provided support in June and July, and resistance in April.
14380s is the base of the pennant, and 14369 is 38.2% of the major Nov 2012 uptrend.
Low 14000s has 50%fib of the major uptrernd from Nov 2012, plus plenty of consolidation and action in Jan and Feb this year.
13645 is 61.8%fib and also close to the Oct 2012 tops.

And how is this relevant to LNC, well the markets generally follow the trend from the bigger markets, and this is why this post is relevant to LNC. We have a buy order in the pre market at 1.12 for 163k and a stronger open.