Monthly Trend Value 2 (questionable)
Weekly Trend Value 0 (questionable)
Daily Trend Value -11 (trending down)
45-min Trend Value -12 (running downtrend)
Turtle Trend (LT) -3 (trending down)
SPM Trend
..........Q......M.....W.....D.....45'
SPM....U......U......D.....D......D
Value..2......0......0......-3......-3
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SHORT TERM TRENDS
Opening Range Trend
Daily--Down
Weekly--Down
Monthly--Down
Globex
45-min Trend Down
135-min Trend Down
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Keltner Band Trend
10-day Down
7-day Down
2-day Down
-----------
Moving Average Trend
Mason-Dixon (NDX 200H) Down
Gator (SPX 13D+8) Down
Mallory (NYA 49D) Down
SB (SPX 75D) Down
Chandelier Trend
Zweig (MID5%) Down
Stox (NAZ9%) Up
Junk (ML1%) Down
---------------
Intermediate Momentum Indicators
NY ITBM Down
NY 10D NH% Down
ND 10D DEAD Down
ND BP RSI Down
NY Vol McSum Down
ND Vol McSum Down
Oversold
Running 45-min downtrend on all 4 indices
STIX 37.8
YStix Vol 38.9
QStix Vol 42.7
McClellan Oscillator -363
New High Momentum 0.73
VIX closed over its 20D BB
Comments
All 4 indices are testing their 3/24 low.
Porter
Index Trends 5/10/04
Started by
Porter
, May 11 2004 07:44 AM
2 replies to this topic
#2
thakid
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- Traders-Talk User
- 39 posts
Member
Posted 11 May 2004 - 07:02 PM
So does this mean we go long? I bet if you short the indexes right now you would lose money over the next week. Major support at 1080 on S&P, if that gets broken then you may be right.
#3
Porter
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- TT Member+
- 973 posts
Member
Posted 11 May 2004 - 08:20 PM
So does this mean we go long? I bet if you short the indexes right now you would lose money over the next week. Major support at 1080 on S&P, if that gets broken then you may be right.
Once again I will answer your question by saying that it depends on what timeframe you are trading.
But now is not the right time to go short or long.
The Monthly uptrend is now in question.
It could continue Up, or it could turn Down.
Odds slightly favor a turn Down.
Therefore a position trader who wants to trade in the direction of the Monthly trend should wait for some sign of strength before establishing a long position.
Specifically they should wait for Friday's high to be exceeded and then for a higher swing low to form.
Those trading short term should should be trading on the short side.
Because of the oversold condition I would wait for some sort of bounce if not already short from higher levels.
The above assumes you are a trend trader.
It does not apply to those who are good at picking tops and bottoms.
Porter
