Friday, March 19, 2010

Approval Rate New Low for Obama

Rasmussen's Presidential Tracking Poll, which surveys likely voters and which is calculated as difference between "Strongly Approve" and "Strongly Disapprove", is -21 today, tying the all-time low for this president.

Even the more mainstream Gallup's Obama Job Approval shows a clear crossover: 48% Disapprove, 46% Approve.

TA (technical analysis) on Rasmussen's "Strongly Disapprove": it looks like it is about to break to the upside, after several months of basing and forming "a cup". We will see if it forms "a handle" part. The cup with handle is a bullish, continuation formation, and it could happen without a handle. The target would be the depth of the cup, so it would be about 50%.

What could trigger the upside breakout? The health care "reform" bill passed without even a vote on the bill would be a good candidate, among so many others...


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