didn't we break support at 895-900 and aren't we now just rising up to test that level that is now resistance?
enjoy the "8" handles folks and say "farewell" to them
Started by
humble1
, May 14 2009 11:11 AM
34 replies to this topic
#12
humble1
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Posted 14 May 2009 - 11:55 AM
these quick, sharp drops under minor support on a 5% correction from a recent new move high (spx 930) are classic bull market stoprunners.
#13
tommyt
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Posted 14 May 2009 - 12:00 PM
[quote name='skott' date='May 14 2009, 08:52 AM' post='454323']
didn't we break support at 895-900 and aren't we now just rising up to test that level that is now resistance?
IMO Skott, yes. There is plenty of evidence on the daily work to suggest we have started a correction, per all the posts the last few days ( MACD,M Osc, secondaries, sentiment). Its expiration and been a huge up mkt, I'm actually a little surprised this hasn't been a normal, manipulated bigger up week like it should have been.
didn't we break support at 895-900 and aren't we now just rising up to test that level that is now resistance?
IMO Skott, yes. There is plenty of evidence on the daily work to suggest we have started a correction, per all the posts the last few days ( MACD,M Osc, secondaries, sentiment). Its expiration and been a huge up mkt, I'm actually a little surprised this hasn't been a normal, manipulated bigger up week like it should have been.
#14
skott
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Posted 14 May 2009 - 12:02 PM
looks like it's turning down for a sell. we may know after the close. you would expect one mild up day after 3 down.
#15
MoneyFriend
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Posted 14 May 2009 - 12:09 PM
looks like it's turning down for a sell. we may know after the close. you would expect one mild up day after 3 down.
BPNYA back in 03 looked very similar, and didn't make much of a dent in the overall trend when it turned over.
Not to say that this is the same as the start of 03, the point is that BPNYA divergence doesn't always = top imo.
Edited by MoneyFriend, 14 May 2009 - 12:14 PM.
#16
skott
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Posted 14 May 2009 - 12:13 PM
I know. alot of people have 03 on the brain
#17
zoropb
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Posted 14 May 2009 - 12:17 PM
My time work says not until July 14 plus minus 3 days at earliest but you may be correct 951 is min. for me. and 1040-1070 max at this point. doubt it. back to work turn coming940-950 next week is the top!
z
Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.
#18
skott
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Posted 14 May 2009 - 12:18 PM
if we get a daily close below 88.60 we are going to get some sustained downside action. not saying that will happen today
#19
isaac613
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Posted 14 May 2009 - 12:23 PM
Like i said yesterday we may test 900 today and to get out there. We almost got there, I am waiting patiently to add to my shorts at 900, Actually hope the get there but its not looking too good.
#20
MoneyFriend
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Posted 14 May 2009 - 12:24 PM
if we get a daily close below 88.60 we are going to get some sustained downside action. not saying that will happen today
Yep, so far this is looking to be playing out much like 4/21. Which would slum here for a bit more and then rip up at 2pm into 3. I have a good peak at 3:30pm.
