6 replies to this topic

[eminimee]

to get hit on open Friday morning. FF.

[Russ]

Seems pretty obvious that it is going to close the gap at about 1519 spx and that is in line with some of your earlier charts.

[eminimee]

If we get down there then then we are going lower....I think my recent charts are all about the 1530 area holding for the bullish case..If you can show me one that I posted recently that gives that gap area a chance to get hit and remain bullish..I'd like to see it.

[hiker]

covered all equity and ETF shorts right here switching to daytrading ES and NQ from here...no position yet. exit SMH 39.80's QID 42.20.'s SPY 153.30's

Edited by hiker, 18 July 2007 - 11:25 AM.

[eminimee]

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=1&mn=2&dy=8&i=p08475799117&a=90931516&r=2531.png

Seems pretty obvious that it is going to close the gap at about 1519 spx and that is in line with some of your earlier charts.

....but if we do get down there...I really would like to know your method that tells you it's "obvious".


PS: I'm long es 42.50 with a stop at 40.75

Edited by Teaparty, 18 July 2007 - 11:35 AM.

[Russ]

Teaparty...this chart shows the potential to get down and close that gap at 1519, your lower line is not draw quite on the low of the second spike but that line is 'in line' with roughly 1519, however a 2 point trendline is not technically very valid according to standard tech. analisys. Your other chart with the bollinger bands is showing the mid band around the 1520 area. Those two things are obvious besides the issue that huge up candles are very likely to completly retrace, especially when they have a gap at the bottom! My lower chart also does not look quite done going down either. Its all theoretical though isn't is..

http://stockcharts.com/c-sc/sc?s=$SPX&p=15&yr=0&mn=0&dy=21&i=p69353616156&a=109883924&r=7385.png

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=6&dy=0&i=p64479739530&r=5038.png

Edited by Russ, 18 July 2007 - 12:32 PM.

[Russ]

Spx boucing right off of your downtrendline from the tops is a powerful argument for a bottom though. This is a tough call.