7 replies to this topic

[EagleTrader]

Are we in an existing uptrend ?
Not in my timeframe, we are inside a down channel.

Does momentum lead price ?
Sure. Needs atleast a "double pump", sometimes 3 or 4 (depending on trend strength) before trend is exhausted. If you check the MACD Histogram, we have had only one..

Marking similar points during 2005. Mkts are always right and can go anywhere, but if we can learn to expect anything from patterns - the next big move should be down. It could be only 20 pts or 70 pts - we will know as we go along..

[mss]

Nice chart ET, altho am looking for a rally, my main indicators are still on SELL. TWT

[bobalou]

I'm w/ you guys ..but we could be setting up a move to 1300 ,an A B C UP ??? I'm watching,,watch oil ,the $$ , and bonds..the fed is a ??

[PorkLoin]

SPX and most other indices looking good for five waves up (finally) from last week's lows. For a BEAUTIFUL triangle, check out the NYA.X (the NYSE) action this month. Textbook five waves followed by a classic post-triangle thrust. Love it. Doug

[Echo]

New all time intraday highs on NYA Echo

[PorkLoin]

Echo, yes indeed -- looks to me like the NYSE is moving up in the channel from this year's low again. If it makes it to the top of the channel it'll be a good bit higher. Doug

[EagleTrader]

Echo, yes indeed -- looks to me like the NYSE is moving up in the channel  from this year's low again.  If it makes it to the top of the channel it'll be a good bit higher.

Doug

<{POST_SNAPBACK}>

The NYA made this year's intra-day low on 11th of May, when the NDX was quite a bit off its lows and the SPX made a reasonably higher low... Any similarities (mirror like ?) to today?

I am not predicting a pattern match - simply an observation...

[mss]

Well for what ever it is worth, here is a couple of thoughts.