4 replies to this topic

[Tor]

SPX seems to have just retested the 50DMA line. Last time it bounced here, and yet stillnot broken. I have my line in the sand at 1485 SPX cash market for evidence of a trend reversal. All other moves are just noice IMHO and this a so called "correction". Dont shoot me for what I am saying, its just what i see and is apparent from price. Standing aside for now. Good trading.

Edited by Tor, 12 June 2007 - 05:24 PM.

[hiker]

NYSE /NASDAQ Advances 464 (14%) 760 (24%) Declines 2,827 (84%) 2,265 (71%) Unchanged 73 (2%) 145 (5%) Up Vol* 391 (13%) 524 (24%) Down Vol* 2,654 (87%) 1,605 (75%) Unch. Vol* 11 (0%) 13 (1%) New Hi's 57 86 New Lo's 143 105 personally, trendlines and momo trump MA's in my opinion....what measure of support does an MA really represent if a short-term change in trend is underway? looking at the volume and breadth related to today's/this week's selling may be more useful for FF of price direction than an MA just offering my personal view on this, for what it's worth take GERN for example...the 50day ema failed today without hesitation. some daily t/l's remain below and an unfilled gap remains below...I realize an index is different...GERN is just an example of how MA's fail with no hesitation all the time. btw, MS has held the 50day ema on the 3 tests since the beginning of April...another example.

Edited by hiker, 12 June 2007 - 05:37 PM.

[Tor]

True, but SPX still only a relatively minor selloff fromthe highs relative to the march lows, and holding the 50dma, i have to give the weight of evidence to the bulls still. And also 1485 still holding.

[Russ]

Value Line Geometric is supposed to show 'what the average stock is doing', it is breaking down more but not quite last weeks low yet...
http://stockcharts.com/c-sc/sc?s=$XVG&p=D&b=5&g=0&i=p71463428195&r=2136.png

[OEXCHAOS]

I'm not seeing jubilation just yet, but this is still likely to be just a correction. There's nothing like the proper sentiment signature for a Bull market top. Of course, we have tools that will tell us that something has dramatically changed. For now, IT short looking for a reason to cover.