Edited by Rich, 19 October 2009 - 08:51 PM.
Market Direction
Started by
Rich
, Oct 19 2009 08:48 PM
3 replies to this topic
#1
Rich
-
- Traders-Talk User
- 761 posts
Member
Posted 19 October 2009 - 08:48 PM
This market just keeps going and going. My model is still pointing UP.
Rich
#2
U.F.O.
-
- TT Patron+
- 5,605 posts
U.F.O.
Posted 19 October 2009 - 10:17 PM
The last gap from Oct. 3, 2008 (the Crash Gap) got filled today on $SPX. ($1,098.14) This zone should also approximate a 50% Fibonacci retracement of the entire selloff range Oct/07 to March/09. The 100 week sma also hits at $1,106. Watch your longs here. Could this be a likely place for an A-B-C correction from the March low to end? I went small short at the close, reversing out of an FAS long position.
U.F.O.
Edited by U.F.O., 19 October 2009 - 10:23 PM.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"
~Benjamin Franklin~
~Benjamin Franklin~
#3
Rich
-
- Traders-Talk User
- 761 posts
Member
Posted 19 October 2009 - 10:27 PM
The last gap from Oct. 3, 2008 (the Crash Gap) got filled today on $SPX. ($1,098.14) This zone should also approximate a 50% Fibonacci retracement of the entire selloff range Oct/07 to March/09. The 100 week sma also hits at $1,106. Watch your longs here. Could this be a likely place for an A-B-C correction from the March low to end? I went small short at the close, reversing out of an FAS long position.
U.F.O.
Good analysis.
#4
goldswinger
-
- Traders-Talk User
- 2,612 posts
Member
Posted 19 October 2009 - 11:23 PM
The last gap from Oct. 3, 2008 (the Crash Gap) got filled today on $SPX. ($1,098.14) This zone should also approximate a 50% Fibonacci retracement of the entire selloff range Oct/07 to March/09. The 100 week sma also hits at $1,106. Watch your longs here. Could this be a likely place for an A-B-C correction from the March low to end? I went small short at the close, reversing out of an FAS long position.
U.F.O.
Good analysis.
No new high on financials Today, in fact we may have just completed a wave 1 down.....I expect a bounce Tomorrow but not nrew highs, that will be the confirmation that a decline is about to start..... for good...
GS.
