Line in the sand

Quote from reno4nook:

With 2 important sectors of the market trending in opposite directions, I don't see a strong move up or down.

So if we do retest S&P lows, it could be a good buying chance.
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Ah, ok, I see what you're saying! I just never used the "X" vs S&P so I have no clue on the reliability.

See, from my perspective, I'm taking a "wait and see" position while watching to see if that 858 area has a confirmed break above, or, to see if it holds as resistance - which is what I expect..........but always watching for the surprise.

<b>IF</b> we test the lows, I would expect a failure and break lower - mainly because the trend rules. In a downtrend, supports are expected to fail...........if wrong, I'll know pretty quick.

Steve
 

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best thread on here. Sold big stake in sds Fri. Shorts are def. covering imo.

went long sso w/ a stop under last low.

stochastic on daily chart crossed, ADI directional pointed up and a couple other indicators. Risky to be long but just took a small position.

obama week and hope are powerful market movers. We shall see.

Compare spy bottom last tech bubble-9/11 and this last recent bottom. Amazing similarities. If you agree then its time for a week bounce or so.
 
Quote from YoungBlud:

best thread on here. Sold big stake in sds Fri. Shorts are def. covering imo.

went long sso w/ a stop under last low.

stochastic on daily chart crossed, ADI directional pointed up and a couple other indicators. Risky to be long but just took a small position.

obama week and hope are powerful market movers. We shall see.

Compare spy bottom last tech bubble-9/11 and this last recent bottom. Amazing similarities. If you agree then its time for a week bounce or so.
More...

Cool! You may be right - either way, it sure seems like you'll know one way or the other pretty quick - and you already know your exit - and THAT'S pretty much what I'm getting at with this thread.........we are at a line in the sand!

Then all we need to worry about is a fake out move lol.

Anyway, below is the exact same chart that I posted to start this thread, except this time I flipped it upside down. :eek:

Steve
 

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Thanks guys, you made some great TA points and I'll be watching those S&P levels.

From a Fundamental view I wonder..

Is this week's Obama factor 'priced in' already? We've known about it for over 2 months. The S&P sank 25% in only 12 days immediately after the election.

Or will the combination of the Martin Luther King Jr. celebration followed by the actual visual image of an African-American becoming president provide not priced in optimism?

Is there a history of market upswings when a new president takes office?
 
Quote from reno4nook:

Thanks guys, you made some great TA points and I'll be watching those S&P levels.

From a Fundamental view I wonder..

Is this week's Obama factor 'priced in' already? We've known about it for over 2 months. The S&P sank 25% in only 12 days immediately after the election.

Or will the combination of the Martin Luther King Jr. celebration followed by the actual visual image of an African-American becoming president provide not priced in optimism?

Is there a history of market upswings when a new president takes office?
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I only recall last years MLK holiday.

IIRC, that was when the futures were "lock limit down" - or down by 70 points or so thanks to some "rogue trader" in France - - -then the fed did a surprise .75 rate cut.

First the bulls were wiped out, then the bears got their heads handed to them.

Steve
 
Quote from NoProblem:

We're very near a (short term) line in the sand, IMO of course.

Here's an update of the same chart I posted a week or two ago...........no predictions, just some T/A.

The gap served as a formidable resistance.
Volume increased as price bounced off the gap and plowed through the key support area of 858.

Today we tested the 858 area as resistance and sold off with a wide range bar. So this first test of resistance, and resistance held strong. (Typical of 1st tests imto)

Recent two day uptrend occurred on declining volume, forming what sure looks like an obvious bear flag.
If we get a confirmed break above that 858 area, next target, IMTO, would be 919 area and bear flag is busted.
If the bear flag works, watch for test of that 813 area, it needs to hold, if it fails, there is very little to stop us from heading down to test that 739.

All JMHO . . . . . . . What's yours?

Steve
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Blah blah blah

Futures surging. Buy all dips.
 
Quote from NoProblem:

We're very near a (short term) line in the sand, IMO of course.

Here's an update of the same chart I posted a week or two ago...........no predictions, just some T/A.

The gap served as a formidable resistance.
Volume increased as price bounced off the gap and plowed through the key support area of 858.

Today we tested the 858 area as resistance and sold off with a wide range bar. So this first test of resistance, and resistance held strong. (Typical of 1st tests imto)

Recent two day uptrend occurred on declining volume, forming what sure looks like an obvious bear flag.
If we get a confirmed break above that 858 area, next target, IMTO, would be 919 area and bear flag is busted.
If the bear flag works, watch for test of that 813 area, it needs to hold, if it fails, there is very little to stop us from heading down to test that 739.

All JMHO . . . . . . . What's yours?

Steve
More...

Blah blah blah

Futures surging. Buy all dips.
 
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