ES Journal Archive (2006 - 2008)

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this is something to consider also, 10 day channel's support has been briefly broken and the next one is at around 1302 on daily, so perhaps a long is possible with a stop below 1302. I am short here for the moment.
 

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what is the underlying reason why these indicate a low for the day?

It's a more likely candidate due to the farther separation from the previous troughs, the larger disparity between the Histogram troughs and the more dramatic the bounce off of the OS Line.
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Quote from m4a1:

what is the underlying reason why these indicate a low for the day?
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Less fresh sellers emerging at these levels than earlier. And I course, I may be wrong even though I have raised the magic wand again and passed it over the market thrice this time.


Rise----Rise---Rise---

Sound like John Lennon?
 
Now --back to the longer term analysis. The attached is why I mentioned earlier that the 240 was actually very bearish. Still plenty of room for little intraday bottom picking bounces though!!
 

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Quote from Buy1Sell2:

Less fresh sellers emerging at these levels than earlier. And I course, I may be wrong even though I have raised the magic wand again and passed it over the market thrice this time.


Rise----Rise---Rise---

Sound like John Lennon?
More...


No, sounds like someone who just took viagra !
 
Quote from romik:

But 60 is showing a BLD, daily is at the bottom of channel/20ma very close to lower BB.
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Yes, this is very true. The 60 is trying to dig itself out. It's all a matter of perspective.:)
 
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