Old Resistance/New Support

[BA_Trader]

Quote from murray t turtle:

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Gam111;

Yes, support soon;
like today near close.

DIA, SPY, QQQ made higher lows & higher closes today;
more conservative traders may wait for higher highs also & or close above 50 day moving average.

Its worth repeating ALL the above COMBINED makes for a higher probability trade;
volume on those is nice ,confirming above average buy volume.

I'm with murray t on the S&P... it looks like prices spilled out
through the downward trend channel that's been going on for
the last few days. Look for rising prices confirmed with volume
next week.

However -- if S is found I personally don't think prices will rally
with the same vigor as they have been declining -- but that's for
the market to decide, not me.

JT

 

[plumlazy]

Quote from gam1111:

What about the S & P 500 & Nasdaq. Does anyone think the indexes will find support soon?

Excuse me for saying so but wouldn't that have been evident by the much higher open (over thursday's close) and the move higher off of the open comfirming the beartrap on the S&P and the Nas100.

When NQ broke above 20 shortly after the open it was getting out (above) the top line of it's downtrend channel on the 60 minute chart. It was tipping it's hand then and there foretelling the intial squeeze to 27ish just for starters. Looked like support to me.

Will it hold? Don't know - don't care.