U.F.O.
Maybe A Little Bounce Here?
Started by
U.F.O.
, Aug 01 2007 08:42 PM
6 replies to this topic
#1
U.F.O.
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U.F.O.
Posted 01 August 2007 - 08:42 PM
On QQQQ, $46.875 is the holy grail of support levels, almost got there today. A close below this level is a bad thing. Very. (2 charts)
U.F.O.
U.F.O.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"
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#2
U.F.O.
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U.F.O.
Posted 01 August 2007 - 08:55 PM
The usual earliest indicator, Slow Stochastics, went long today. (1 chart)
U.F.O.
U.F.O.
Edited by U.F.O., 01 August 2007 - 08:57 PM.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"
~Benjamin Franklin~
~Benjamin Franklin~
#3
Islander
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Posted 01 August 2007 - 09:11 PM
Excuse me,, but I thought that breaking 1448, (the SPs 200 day) was the third rail of the market. We got to get this stuff tagged before someone gets confused.
When I left for lunch I was nicely ahead, then someone crawled in the cave and crapped!! Now I am just a little lighter. Islander. 
#4
U.F.O.
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Posted 01 August 2007 - 09:15 PM
Hi Islander. I don't ever chart S&P's, so I won't be able to help there. Although, since you do I may take a look at them tonight. Hope all is well with you. Best.
U.F.O.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"
~Benjamin Franklin~
~Benjamin Franklin~
#5
SemiBizz
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Posted 01 August 2007 - 09:54 PM
http://bigcharts.mar...&mocktick=1.gif
My stuff says today's low gets tested, whether or not it tests the high of the 26th (49.50 area), at this time... I guess we can have a bounce - there's room in the doomsday channel on the nasdaq for retracement, although we had a big one on the phony AMEX closing today. It's only setting up a great short sell IMO... If you are a bull, you don't want to see that 26th high tested on lighter volume, you would rather have a bounce off a retest of today's low. I don't think that's in the cards by the way it looks tonight... i.e. both of these will be tested, whichever direction tests first is probably the WRONG one, except... TREND... on the 7 red candles in succession now decidedly BEAR.
So, it doesn't matter in the long run, we are going lower... I have to believe that or see a trend reversal...
My stuff says today's low gets tested, whether or not it tests the high of the 26th (49.50 area), at this time... I guess we can have a bounce - there's room in the doomsday channel on the nasdaq for retracement, although we had a big one on the phony AMEX closing today. It's only setting up a great short sell IMO... If you are a bull, you don't want to see that 26th high tested on lighter volume, you would rather have a bounce off a retest of today's low. I don't think that's in the cards by the way it looks tonight... i.e. both of these will be tested, whichever direction tests first is probably the WRONG one, except... TREND... on the 7 red candles in succession now decidedly BEAR.
So, it doesn't matter in the long run, we are going lower... I have to believe that or see a trend reversal...
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#6
Rogerdodger
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Posted 01 August 2007 - 09:57 PM
My stuff says today's low gets tested
I was thinking the same about the SPX.
Not based on your volume study, but just a "feel".
I thought we might get a white candle this week with a tail and wick, then a bit of retest next week.
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#7
U.F.O.
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Posted 01 August 2007 - 10:00 PM
On S&P's, a close below $1446.00 has the same effect as a close below $46.875 on QQQQ. I don't place a lot of value on intraday price action, only closing prices. (2 charts)
U.F.O.
U.F.O.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"
~Benjamin Franklin~
~Benjamin Franklin~
