i'm also looking at the exact same chart from the blog
S&P 500 trendline which has now been tested three weeks in a row - for me this means that bears need to biuld up more fuel and that a break probably will not happen next week
what is your view?
a trendline could also been drawn from the top at the beginning of 2005 to the bottom of the february correction
this would give support around 1.400 and should be the next projection if the first trendline is broken
Which indicators are you looking at to see if the trendline now at 1.500 will be broken
Monthly momentum is down unlike after the february move - so for me this is just a matter of time - the market has taken too many hits
but the short interest is soo high, so maybe we get a move up to first 1.513
Cheers - enjoy the weekend
xtrends - S&P trendline
Started by
relax
, Jun 23 2007 09:00 AM
12 replies to this topic
#2
traderpaul
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Posted 23 June 2007 - 09:10 AM
What makes you think the short interest will support the down side?.....Case in point.....Check out the SI on TASR at the top.....That did not keep that stock from falling like a rock.....but the short interest is soo high, so maybe we get a move up to first 1.513
Cheers - enjoy the weekend
"Inflation is taking place now. Prices may not appear to be rising because they are making packaging smaller. "— Rickoshay
#3
Tor
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Posted 23 June 2007 - 09:26 AM
Who knows, but I am just watching the current price level at support. No trendline reak yet for me. Market must PROVE itself. I will say this however, any break if it hapened i think will be quick. Or it rebounds. Its tricky, trading I mean in the new internet age. Not so easy as before.
Edited by Tor, 23 June 2007 - 09:28 AM.
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The future is 90% present and 10% vision.
#4
relax
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Posted 23 June 2007 - 10:46 AM
don't know if SI will support anything, but for me SI and End of Quarter is the only things bulls have going for them
after this week they will only have SI as their fuel
this IMO means it is just a matter of time before bears get their IT victory
bulls will show us next week what they've got - i doubt they will impress
after this week they will only have SI as their fuel
this IMO means it is just a matter of time before bears get their IT victory
bulls will show us next week what they've got - i doubt they will impress
What makes you think the short interest will support the down side?.....Case in point.....Check out the SI on TASR at the top.....That did not keep that stock from falling like a rock.....
but the short interest is soo high, so maybe we get a move up to first 1.513
Cheers - enjoy the weekend
#5
ogm
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Posted 23 June 2007 - 10:47 AM
Remember the homebuilders short interest ? Remeber how many people were saying that there is no way in hell the homebuilding bubble will last and kept shorting the stocks ? Well, they were right.
Edited by ogm, 23 June 2007 - 10:48 AM.
#6
relax
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Posted 23 June 2007 - 11:53 AM
good point
i would not be buying IT before 1.400-1.420
i would not be buying IT before 1.400-1.420
Remember the homebuilders short interest ? Remeber how many people were saying that there is no way in hell the homebuilding bubble will last and kept shorting the stocks ? Well, they were right.
#7
A-ha
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#8
arbman
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Posted 23 June 2007 - 01:51 PM
The most bearish chart at the moment is the energy and the drillers, they shoot above their channel tops and they are being rejected. If any correction kicks in from here, they will come down really hard, imho...
#9
skyymaster
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Posted 23 June 2007 - 03:48 PM
posted an update @ http://xtrends.blogspot.com/
As always, thank you for your indepth charts and analysis!!
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Remember this day, men, for it will be yours for all time.
Remember this day, men, for it will be yours for all time.
#10
ogm
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Posted 23 June 2007 - 05:26 PM
The most bearish chart at the moment is the energy and the drillers, they shoot above their channel tops and they are being rejected. If any correction kicks in from here, they will come down really hard, imho...
Interesting that airlines are starting to show some relative strength. Probably the trend of rising fuel costs may be coming to and end.
