Trend is still UP since Mar. 17 swing low... until last low at 131ish is taken... i also see friday close stopping at a reaction point in confluence w/ 200 DMA, which could provide further support tomorrow... i wouldn't be a buyer here as a move up would probably run into trouble at the broken up channel bottom (orange line) and resume the move back down towards 132-131ish...
there's also daily vol support above 132ish...
IF... we hold above 131ish price support... then we'll see some hidden divergence on the 60 min oscillators when they turn up... which is the point of the post...
so i'd be very interested in buying between 131-132ish next week as i see the very little risk there (the closer we get to 131) on the upside here...
http://stockcharts.c...0747&r=6930.png
Technical setup for next week
Started by
TheArchitect
, Apr 13 2008 07:51 PM
7 replies to this topic
#2
dcengr
-
- Traders-Talk User
- 13,391 posts
Member
Posted 13 April 2008 - 08:06 PM
Everyone keeps talking like SPX 1310 is where they'll go bearish..
Qui custodiet ipsos custodes?
#3
milbank
-
- TT Patron+
- 4,714 posts
Member
Posted 13 April 2008 - 08:15 PM
What's with the CME site. I don't see any globex flash quotes. Is everyone out celebrating the White Sox win or something?
"The power of accurate observation is commonly called cynicism by those who have not got it."
--George Bernard Shaw
"None are so hopelessly enslaved as those who falsely believe they are free."
--Johann Wolfgang von Goethe
#4
TheArchitect
-
- TT Member+
- 1,659 posts
Member
Posted 13 April 2008 - 09:02 PM
Everyone keeps talking like SPX 1310 is where they'll go bearish..
well... if i get long above 131... then a stop right below will be in place... which is why i say that i see very little risk there (the closer we get to 131)...
cha know
#5
StillLearnin
-
- Traders-Talk User
- 1,200 posts
Member
Posted 13 April 2008 - 11:36 PM
TA,
Confused. How is the divergence you have show good? Momentum has already made a new low? Ive never heard of a "hidden divergence"
Thanks.
SL
#6
TheArchitect
-
- TT Member+
- 1,659 posts
Member
Posted 14 April 2008 - 07:27 AM
TA,
Confused. How is the divergence you have show good? Momentum has already made a new low? Ive never heard of a "hidden divergence"
Thanks.
SL
SL... in this example... if price remains above 131ish and turns back up we'll still have a series of higher lows... right?... so the lower lows that the osc.'s are (and will be when they turn back up) divergent from price... which is called "Hidden" Divergence. U See?
#7
StillLearnin
-
- Traders-Talk User
- 1,200 posts
Member
Posted 14 April 2008 - 08:02 AM
TA,
Yea Ive never just seen that as positive when momentum makes a lower low but price makes a higher low....
SL
#8
TheArchitect
-
- TT Member+
- 1,659 posts
Member
Posted 14 April 2008 - 08:27 AM
TA,
Yea Ive never just seen that as positive when momentum makes a lower low but price makes a higher low....
SL
well if ya don't like it...toss it...
