Trading Journal - July
- Thread starter Seanote
- Start date
Technically, we have a touching of the 50-day and 200-day moving averages of the Dow today. The two moving averages are touching each other at Dow 9814. This places the Dow in its bearish mode for the first time, according to my moving average studies. Of course, it doesn't prevent the Dow from rallying, but it puts a "technical ceiling" in at the level of the shorter or 50-day MA. The 50-day MA is now declining rapidly.
The S&P has carved out a massive "head-and-shoulders" pattern in the monthly charts. The S&P is "working" on a weak right shoulder now. On the monthly chart the S&P is now at its lowest closing level so far. The support for the huge bearish formation comes in at last September's low of about 944. The long-term moving averages of the S&P confirm the bearish head-and-shoulders pattern. The 20-month moving average crossed below the 40-month moving average last November at approximately 1292. The 20-month MA has now declined to 1152, well below the level of the 40-month MA which stands at 1273.
Market forecasting is part knowledge and part intuition and art. The secret of "reading" the market is knowing what studies to toss out at any given time.
I will be away from the computer until this afternoon.
The S&P has carved out a massive "head-and-shoulders" pattern in the monthly charts. The S&P is "working" on a weak right shoulder now. On the monthly chart the S&P is now at its lowest closing level so far. The support for the huge bearish formation comes in at last September's low of about 944. The long-term moving averages of the S&P confirm the bearish head-and-shoulders pattern. The 20-month moving average crossed below the 40-month moving average last November at approximately 1292. The 20-month MA has now declined to 1152, well below the level of the 40-month MA which stands at 1273.
Market forecasting is part knowledge and part intuition and art. The secret of "reading" the market is knowing what studies to toss out at any given time.
I will be away from the computer until this afternoon.
i am curious ....why didn't you wait for QLGC to take out the low before closing position? you were already down -1.75 points and the low was only another -.40 away. that might be the LOD, and a MASDQ mini-rally is not completely out of the question.
just curious as to your reasoning on this trade?
just curious as to your reasoning on this trade?