Selloff
- Thread starter doug456
- Start date
11/10/2004
Quote from T-REX:
For the ES it will probably be:
1135.00 - 1221.00 level.
that's a pretty broad range, almost 100 pts. Could you be a little more specific? And you think the ES will go up another 40-50 pts before there's even a chance of a selloff, even though the dow has been on an uptrend for almost 3 weeks?
YES.YES.& YES.
That range posted represents a larger price scale on the time/price differential according to Monthly/Weekly/Daily chart patterns on the ES.
If this retracement off the ES 770 lows holds true then we should test the halfway mark. 1135 would be 1st support and the 1221 price level would mark 2nd support with resistance @ 1250.00
Time horrizon would be between March 04 - Oct 04.
Provided there is no terrorist attacks on U.S. soil and/or some Horrible Corporate/Economic data that would speed up the process.
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November dogi [+ shaped candle] may look bearish in QQQ to some;
profits still ride in SPY, DIA still looks uptrendy.
Besides, some slimmed down QQQ position;
5o ema on QQQ & seasonals are strong & long .
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Interesting time horizon
having studied 2 worldwars & trends since 9-11-01 unless some thing take out exchanges God forbid , dont think that would affect medium or long trem trend.
Prefer peace.
''Panic sellers lose'' --- Art Cashin