12 replies to this topic

[Trend-Signals]

Premarket Qs - traded to 43.70 +/- which is the support as shown on the 60m chart. 43.35 is a critical support.

http://www.stockchar...09398&r=598.png

http://www.stockchar...77535&r=859.png

[hiker]

Horizontals from 30 min over last year 45.10 44.10 43.60 42.76 42.18 41.76 I am long USO for many weeks using $43 as the stop as stated here before...hard not to pull the sell trigger here on strength, but will sell only on weakness signal from here,....54.30 to 55.21 area of interest above...needs to move above approx 53.20 to 53.80 first

Edited by hiker, 28 March 2007 - 08:47 AM.

[Trend-Signals]

Good morning, hiker

Yes, it has various S/R as you noted. I consider various S/R which I see on my setup; then decide which numbers to watch out for.

For far, market action is stable after the news. Of course, we had somewhat a good news from British/Iran.

USO looks to be heading to 55.

Best of luck with your trades


http://www.stockchar...87382&r=489.png

[hiker]

Good morning, S.

[jmicou]

Premarket Qs - traded to 43.70 +/- which is the support as shown on the 60m chart. 43.35 is a critical support.

http://www.stockchar...09398&r=598.png

http://www.stockchar...77535&r=859.png

Near a fib level, too...Closing basis, 43.50 area has a lot of confluence....

Edited by jmicou, 28 March 2007 - 09:40 AM.

[Trend-Signals]

Hi JM, Yes, it bounced off from the support and market is selling off with light volumes during the last 4 trading days; so, it doesn't look so bearish, yet. I anticipated the recent sell-off in low volumes. Will see how it closes today. Best of luck

[jmicou]

Hi JM,

Yes, it bounced off from the support and market is selling off with light volumes during the last 4 trading days; so, it doesn't look so bearish, yet.

I anticipated the recent sell-off in low volumes.

Will see how it closes today.

Best of luck

Thanks! And you, too.

Given the current configurations, a retracement coupled with a sharp rise in bearishness could be bullish. One chart. Please ignore the mechanical signals. They have to be taken into context and they have slippage sometimes:

[Trend-Signals]

Hi JM,

Yes, it bounced off from the support and market is selling off with light volumes during the last 4 trading days; so, it doesn't look so bearish, yet.

I anticipated the recent sell-off in low volumes.

Will see how it closes today.

Best of luck

Thanks! And you, too.

Given the current configurations, a retracement coupled with a sharp rise in bearishness could be bullish. One chart. Please ignore the mechanical signals. They have to be taken into context and they have slippage sometimes:

Thanks, Nice chart with the mechanical signals even though it is not perfected as you wish and as I can see that it is not refined one. Which trading platform is it from? I also use programmable trading platform which generates signals.

With regard to market actions, I did comment on the sentiment which you can also refer to on my trading web blog.

Market action today is critical.

Qs is trading at the critical support on intra day chart at the moment.

[jmicou]

StreetPro. Use different mechanical signals on varying timeframes. It works best when they are in agreement. Also, depending on the internals, fib levels and other S/R. regards, jmicou

[Trend-Signals]

Thanks, JM Please check, PM, regarding platform. MARKET ACTION - intraday On 3/21/07, my comment on "profit taking" and "consolidation" period is now "Pivotal Trading Day". We now have the geo-political issues with Iran creating more volatility and risk for being in the market. Will need to reassess market actions at close, but so far, market actions look normal profit taking and consolidation. The recent selling has been in light volumes. MSFT is trading flat today with NT news. Qs closing at 43.85 is positive. ~~~~~~~~ March 21, 2007 After the Fed announcement, market rallied with high volumes as shown on the Qs 60m chart showing buying pressure. This is the similar volume level as the one when we saw on Feb 27 with climactic selling volume level. Technically, I do believe that we now have confirmation of "W" formation with "Breakout Retest" Scenario suggesting that we will conservatively see the retest of the previous high and will likely see new highs during the rest of the seasonally favorable months, March - May, as noted on March 14 with the "Tweezer Bottom" or "Retest of Bottom" call. To reiterate, the most strong technical aspect of the recent price action is based on the "Retest of Breakout" scenario with high volumes associated with selling and buying pressures at the critical supports. I expect follow-through days, higher price actions after consolidation, since we just had the strong volume and price action day which will likely be followed by profit-taking, but again I am anticipating higher price actions which will be accompanied by short squeeze and buying pressure. Having said that, I would continue to evaluate price actions to confirm the aforementioned price action anticipation. Intraday Market Actions: QQQQ, SPX and markets completed "W" Formation which is a fractal formation of "Jun-Jul 2006" bottom formation; however, the technical importance for the recent price action is based on "Breakout Retest" formation at critical levels suggesting higher price actions to "Retest of the recent highs" and/or "New highs" into seasonally favorable months, May. Price actions will be reassess if shown otherwise. A consolidation period for the recent gains would be rational, then we could see filling the run-away gaps to make new highs.