3 replies to this topic

[tommyt]

Nice outside reversal day, combined with the internals should lead to a first test of the 12,800 area:

http://stockcharts.com/c-sc/sc?s=$INDU&p=D&b=3&g=0&i=p89208550123&r=6938.png

oddly enough, sentiment is not at all where IT tops are formed, Inv Intell just over 50%, AAII under 50%, and P/C's in the middle. The only real thing that jumps out is the Mc Osc's fade recently, and the summation not taking out the Dec or Feb highs, and now turning down. Have small index,broker, and amzn shorts.

[selecto]

The 5 ema of both the nysi and nasi have rolled for down, so lower trading in here is pretty much inevitable.

[OEXCHAOS]

Yeah, but we'd better be paying close attention to shorts. In this environment, even nice profits have a way of evaporating while you're at lunch. Yesterday down, today, probably up, then down for a two day decline, and then we get to see what sentiment really looks like. Mark

[slupert]

Nice outside reversal day, combined with the internals should lead to a first test of the 12,800 area:

http://stockcharts.com/c-sc/sc?s=$INDU&p=D&b=3&g=0&i=p89208550123&r=6938.png

oddly enough, sentiment is not at all where IT tops are formed, Inv Intell just over 50%, AAII under 50%, and P/C's in the middle. The only real thing that jumps out is the Mc Osc's fade recently, and the summation not taking out the Dec or Feb highs, and now turning down. Have small index,broker, and amzn shorts.

Like selcto says lower prices are inevitable, but there is no valid conclusion that can be ascertained by that chart that says 12, 800. Thursday and Friday will tell the tale, jobs and productivity will determine how much wriggle room the FED has. (JMHO)

Edited by slupert, 01 May 2007 - 08:02 AM.