...the strong break below the previous high... setting the neg. divergences in action...
looks like strong momentum is now down...
http://stockcharts.c...0747&r=5770.png
Here's something to notice...
Started by
TheArchitect
, Apr 28 2008 04:43 PM
9 replies to this topic
#2
The End
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Posted 28 April 2008 - 05:17 PM
I am fully short FWIW. We might get up to that illusive 50% retrace (1416) Jim Curry tm. However, I see another retest if not my own illusive 1170 out there. We shall C.
TE
NONE of what I type should be taken as financial advice.
#3
U.F.O.
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U.F.O.
Posted 28 April 2008 - 06:10 PM
Hey TA...nice find. I ran the same periodicity (60 min) but used a longer timeframe on $SPX to look for previous negative divergences. There were 4 on RSI since Jan of '08 prior to the one you charted. 2 of them...#1 and #4 could have been played for nice swingtrade short positions. #2 and #3 were part of a period of congestion and would probably have been whipsaw candidates. You're making me rethink my current long position. 
At least I may want to takes some chips off the table and buy a pullback. Thx. Bro.! (1 chart)
U.F.O.
At least I may want to takes some chips off the table and buy a pullback. Thx. Bro.! (1 chart)U.F.O.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"
~Benjamin Franklin~
~Benjamin Franklin~
#4
StillLearnin
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Posted 28 April 2008 - 06:31 PM
Just something that goes along with that......and funny how the pinnacle of diagnol shown meets right around fed time.
http://stockcharts.com/c-sc/sc?s=$SPX&p=5&yr=0&mn=0&dy=6&i=p67762844929&a=130323815&r=608.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=5&yr=0&mn=0&dy=6&i=p67762844929&a=130323815&r=608.png
#5
U.F.O.
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U.F.O.
Posted 28 April 2008 - 06:48 PM
Hey SL. FED time does act as a "line of demarcation" for a lot of important moves.
U.F.O.
"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~
#6
TheArchitect
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Posted 28 April 2008 - 07:01 PM
I am fully short FWIW. We might get up to that illusive 50% retrace (1416) Jim Curry tm. However, I see another retest if not my own illusive 1170 out there. We shall C.
TE
me too now...
#7
SemiBizz
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Posted 28 April 2008 - 07:32 PM
Well, there's strong and there's not as strong... The past few days, I've set some modest targets for the SPX to hit to prove it can go lower, we have not yet tested one of them... today's target was 1387, the largest volume spike low from last Thursday. At this point, we can conclude that we may see 1387 some time soon based on the volume downthrust at the close today... we may even test it tomorrow. Now whether or not we can get more than a consolidation out of it is open to question. Chart Attached.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#8
beta
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lasergirl
Posted 28 April 2008 - 07:57 PM
Well, there's strong and there's not as strong... The past few days, I've set some modest targets for the SPX to hit to prove it can go lower, we have not yet tested one of them... today's target was 1387, the largest volume spike low from last Thursday. At this point, we can conclude that we may see 1387 some time soon based on the volume downthrust at the close today... we may even test it tomorrow. Now whether or not we can get more than a consolidation out of it is open to question. Chart Attached.
Once SPX breaks < 1389, I dont see much to stop it from testing further downside tgts 1380/1372 (regardless of volume).
Edited by beta, 28 April 2008 - 07:58 PM.
"Daytrading -- An Extreme Sport !"
#9
U.F.O.
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U.F.O.
Posted 28 April 2008 - 08:32 PM
My numbers on $SPX, FWIW, are:
Resistance:
1,403
Support:
1,385
1,376
A closing break of 1,403 or 1,376 would trigger IT buy/sell signals. ( 2 charts)
U.F.O.
Resistance:
1,403
Support:
1,385
1,376
A closing break of 1,403 or 1,376 would trigger IT buy/sell signals. ( 2 charts)
U.F.O.
"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~
#10
TheArchitect
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Posted 29 April 2008 - 10:46 AM
it appears that we're now trying to back kiss the broken uptrend line from april 15... just an FYI...
