6 replies to this topic

[Rogerdodger]

We had lower highs and lower lows this week.
But we also had that earlier in this rally.
CCI turned down, but historically it can turn back up rather easily.
MACD bars have been gaining strength since the bottom and usually will get into positive territory before turning back down.
Vix could move down some more.
Anything above this week's highs should point to the 1325 area.

http://stockcharts.com/c-sc/sc?s=$SPX&p=W&st=2004-06-01&i=p77992803382&a=58427056&r=2019.png


Notice below the same chart, longer term, the MACD bars usually get into the positive area before turning back down.
Also the 55 weekly MA should be approached before turning down.
Sentiment seems to stay fairly neutral and Sentimentrader.com is exactly where it was last week.
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&st=1998-01-01&i=p49537787584&a=42930244&r=6833.png

Edited by Rogerdodger, 23 August 2008 - 12:16 PM.

[Rogerdodger]

From Hamzei,

Dear Jim,

I am reversing my existing LONG position (from April 10 @ 1360.54) and going SHORT S&P-500 Cash Index (SPX) as of the Close Today at 1292.20 (almost touching its +1 sigma).

We have a rough patch ahead of us. The problem is the unresolved turmoil in the Credit Markets as we enter the season of high volatility for our Equity Markets. Brace yourself (and your portfolio).

[mss]

If it can break through with volume, then 1311/20 might be doable next week.

Resistance levels are as follows:

1307 - 1323 - 1339 on weekly,
1306 - 1345 - 1384 on monthly
55EMA = 1293
89EMA =1311

This does not include any trend lines or "fib" numbers, but the most common Rest. is 1306-1311 area, IF 1293 is broken to the upside.
Downside potential is a different story, and IMO, 60 - 75% chance.
mss

Edited by mss, 23 August 2008 - 02:32 PM.

[BWTrader]

Hamzei went Long on the 16th of June??? If so he gave PPI a whole new meaning - "Proton Pump Inhibitor" - perhaps. Hard to believe!

BW

From Hamzei,

Dear Jim,

I am reversing my existing LONG position (from April 10 @ 1360.54) and going SHORT S&P-500 Cash Index (SPX) as of the Close Today at 1292.20 (almost touching its +1 sigma).

We have a rough patch ahead of us. The problem is the unresolved turmoil in the Credit Markets as we enter the season of high volatility for our Equity Markets. Brace yourself (and your portfolio).

[BWTrader]

Hamzei went Long on the 16th of June??? If so he gave PPI a whole new meaning - "Proton Pump Inhibitor" - perhaps. Hard to believe! Oops, I read too fast. I see it was from April. Still wow! Long time to hold longs in this market.

BW

From Hamzei,

Dear Jim,

I am reversing my existing LONG position (from April 10 @ 1360.54) and going SHORT S&P-500 Cash Index (SPX) as of the Close Today at 1292.20 (almost touching its +1 sigma).

We have a rough patch ahead of us. The problem is the unresolved turmoil in the Credit Markets as we enter the season of high volatility for our Equity Markets. Brace yourself (and your portfolio).

[Rogerdodger]

Hamzei went Long on the 16th of June?

I think this is for "official timing" competition purposes rather than quicker in and out trading.

[Rogerdodger]

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