Market Direction INDU SPX OEX NDX RUT

[murray t turtle]

Quote from gg12:

Market direction is UP.

But...

Current signal for SPX is DOWN from 1438 with Trailing Stop at 1440. 1140 is also reverse point (TS 1438).

================

GG1212-HI;
SPY looks strong Up trend;
most measures.

QQQQ looks weak , as usual mostly;
plenty of lower lows.
Down sharply/strongly from all time HI of $120 area

 

[gg12]

murray

I agree Qs / NDX is weak compared to INDU, SPX and RUT.

But nevertheless the general direction is UP (see attached 1 year comparison).

That would mean:

Buy dips.
Sell rallies.

Any opinions from other traders?

 

[gg12]

Trend for INDU is UP * Buy dips * Sell Rallies * Use tight trailing stops * Apply risk management

 

[gg12]

Trends for Indexes on a 10 day basis.

INDU 50 point grid UP
SPX 5 point grid UP
NDX 10 point grid UP

RUT 5 point grid DOWN!

 

[gg12]

Possible scenarios for the INDU based on 10 day trend assessment on a 25 point grid (see attached)

 

[murray t turtle]

Quote from gg12:

Trends for Indexes on a 10 day basis.

INDU 50 point grid UP
SPX 5 point grid UP
NDX 10 point grid UP

RUT 5 point grid DOWN!

==============
Agree,SPY,ES,SPX is mostly up, including 10 week, very long trend;
QQQQ is up medium trend, but very extended,
and very long term downtrend[7 year chart]

 

[Sundog]

Agree, NDX is overextended.

NDX needs a correction, at least for a few days.

Cheers

Sundog

 

[gg12]

murray
Sundog

please look at attached graphics.

Despite Trendline Break
Market Direction is still UP

 

[Sundog]

Quote from gg12:

murray
Sundog

please look at attached graphics.

Despite Trendline Break
Market Direction is still UP

Thanx gg12,

I would wait for a further correction, at least 12910/20(accorrding your chart, mini dow.).This goes conform with the daily chart. If this level holds, I would consider going long, but how knows what the market is doing. I prefer going long on a correction and I like to use the daily chart for this, looking for retracements of at least 30% to 50%. If the market goes without me, I do not chase. The market should go up in a orderly fashion with 30-50% corrections.
But of course, the market looks bullish to me, too.

Cheers

Sundog

 

[gg12]

Sundog

Thank you for your analysis. I agree with you.

Shortterm (last 3-4 days) the ES entered into a sideways market

Entry when 1493 is crossed to the upside or 1486 is crossed to the downside.

Possible exit system on a 1 week timeframe after entering long or short is to apply a stop of 3 points trailed on the 1 point grid (minus one tick) to limit the risk (but gaps/slippage can occur any time and cab make that equation unvalid).

Best way is to run some backtesting over a longer time series (many days on similar volatility) to justify.