Well done mate, I wasn't at the screen to consider that one. Got my IT friend installing another PC for - guess who - my 15 yr old son. Missed opportunities today.
firewalker99
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Back to support for the third time. Which way now is the question?
one hour later... the last swing up didn't travel very far... sell into the close? I'm flat... done my trading for the day, just nipping from my cocktail on the carribean beach now (I wish :cheesy
firewalker99
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firewalker99
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Pat494
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sorry I 've only just got back. I would post a chart if I could. 480 seemed the next resistance up imho
Anyway have a good w/e all
chartgonzo
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From the 1 day charts it seems we may have reached the market top. Four days over the last 2 weeks have seen increased volume without further price progress. A failed rally over the last few days, what could be a double top? and institutions off-loading stock yesterday and the day before demostrated by steep drops in price and increase in volume.
I won't be going long for a while
I won't be going long for a while
chartgonzo
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Since the mid eighties, apart from a few limited corrections, the majority and especially the significant ones have corrected back to the EMA449 line, which currently sits around 2000 ticks below us and would give a 15% correction. Anyway it's around what I have heard others saying is necessary on the board.
chartgonzo
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And......the characteristics of this market top ( if it is one) are the same as every major top followed by a significant reversal since the 70s.......
one hour later... the last swing up didn't travel very far... sell into the close? I'm flat... done my trading for the day, just nipping from my cocktail on the carribean beach now (I wish :cheesy
Shame you didn't trade that last swing high FW, but given your recent 'record', I guess it must be difficult for you to call shorts. That is, with all that success you've had calling longs! Well done for that, and if you read this in time, enjoy your weekend on the beach.
firewalker99
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Shame you didn't trade that last swing high FW, but given your recent 'record', I guess it must be difficult for you to call shorts. That is, with all that success you've had calling longs! Well done for that, and if you read this in time, enjoy your weekend on the beach.
Lol thanks, but although I'm leaving near the sea it's not exactly Malibu Beach
That last surprising buying looked like position closing into the weekend. I was lucky to have closed my short just in time. That's why I don't like trading near the close, it can be somewhat erratic and spike in one direction all of a sudden
Pat, I agree in principle....... however US must rally this week either by putting up new curtains or whatever :cheesy:
Why ? Spx made it's second inside week in a row last week making 1537/8 and 1501/00 key boundaries... imho. Usually the first boundary to break sets the direction of what might be the next big move....
Naturally, it's not 100% set in stone but I'd wager it was better than the toss of a coin.
Sods Law says we might get a false break below 1500 early week then rally into Friday!
However, that would be the swingers xxx dream so I'm not sure .............
Either way if we are going down I want a dead cat bounce first
That's my simplistic analysis FWIW..
es at 50 day sma. dow 50points off. repositioning friday in es/ er by traders. day off monday for me. see which way the wind blows.
Atilla
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Pat, I agree in principle....... however US must rally this week either by putting up new curtains or whatever :cheesy:
Why ? Spx made it's second inside week in a row last week making 1537/8 and 1501/00 key boundaries... imho. Usually the first boundary to break sets the direction of what might be the next big move....
Naturally, it's not 100% set in stone but I'd wager it was better than the toss of a coin.
Sods Law says we might get a false break below 1500 early week then rally into Friday!
However, that would be the swingers xxx dream so I'm not sure .............
Either way if we are going down I want a dead cat bounce first
That's my simplistic analysis FWIW..
Hi everyone,
Good Sunday evening to all.
Looking at the 4 hour charts for last week, I think we had a false move to the upside that got rejected and also fooled me in to thinking we were going to break up past beyond 13700 (Cash). However, this position was quickly reversed and as the Bollinger Band shows confirmed the break out to the down side on the 4 hr charts on the 21st of June on the 8pm bar.
Spanning out to the daily charts, my std error channel bar has also been breached to the down side. Furthermore the 34 DEMA acting as support to the price line is now acting as resistance.
I agree 100% HS that we are likely to have another bounce to the upside, but I'm now in the view we will see 13200 perhaps by the end of the week.
Good luck and profitable trading to all.
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lurkerlurker
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US Existing Home Sales, 25 June 2007
How will this news affect the market? Atilla and others have noticed that the market is weak at the moment.
I would expect that lower than expected sales will cause a steep drop, whereas stronger than expected sales will not cause much of an upwards move.
Then again....we are at the lower end of a consolidation range, and we have plenty of headroom.
I'm short on bad news / small price drop in the hope of a continuation. Not too sure about going long on bullish news though - I'll need some more higher lows first.
What do you think these numbers will do to the market? I'm waiting eagerly for tomorrows Redbook.
I see 500 on the futures is stubbornly refusing to give way. Strength above this in the short term?
How will this news affect the market? Atilla and others have noticed that the market is weak at the moment.
I would expect that lower than expected sales will cause a steep drop, whereas stronger than expected sales will not cause much of an upwards move.
Then again....we are at the lower end of a consolidation range, and we have plenty of headroom.
I'm short on bad news / small price drop in the hope of a continuation. Not too sure about going long on bullish news though - I'll need some more higher lows first.
What do you think these numbers will do to the market? I'm waiting eagerly for tomorrows Redbook.
I see 500 on the futures is stubbornly refusing to give way. Strength above this in the short term?
lurkerlurker
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Interesting. You're betting on a continuation of whatever sharp move occurs at 3 then?
I'd like a nice trend after that move. I'd love to stick in a BE stop and take the rest of the day off. (I'm meeting family for dinner anyway, so I need to stop at 4).
No idea what is causing this plunge - stops getting hit perhaps...
lurkerlurker
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What the f**k was that? The Dow does not plunge 60 points in 5 minutes. What the hell caused that. I'm staying out of the markets until I know.
