7 replies to this topic

[Rogerdodger]

Before the selling began on Friday August 3rd, (prior to the 3/4 moon Aug 5th) I posted this:

Look to the far left of the chart and you will see a big red candle followed by a doji (unchanged) low followed by a rally.
The 3/4 moon was Sunday August 8, 2004.
With the 3/4 moon this Sunday August 5th, that low sure looks a lot like this week, so far anyway.
So will next week see a similar big white candle?
If they can get through that 1490ish area next week, I say yes. (FED meeting)
Will sentiment jump to more bearish tonight?
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=3&mn=0&dy=0&i=p28233431990&a=31991787&r=3233.png

Then the bottom fell out and bearishness zoomed.
I bought the turn Monday and sold today.
Looks like 1490ish is still to be watched.
Did you notice that the 8 week MA (above) is in that same area where today's rally reversed?
WWW tomorrow.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=5&dy=0&i=p72160678317&a=103784149&r=8844.png

Edited by Rogerdodger, 07 August 2007 - 10:30 PM.

[thespookyone]

Although I have seen many signs of a bottom, the failure to break that 1490 resistance area has bothered me, as well-thanks.

[humble1]

great chart: that 1490 is the elliott 4th wave resistance of the impulse wave down. the IDEAL point for difficulty.

[beta]

1490 is also the 50% Fibo retrace of the entire move from 1553 to 1427. My guess for Thursday is another attempt at 1488 which fails around 1484-1490, followed by a move to test downside support around 1452-1455, to shake out new longs. Consolidating above 1465 would be bullish. If it breaks < 1452, Ill be looking for short-term shorts, for a test of the 1435-1440 range. As long as SPX trades > 1452, game on for a higher high > 1488 by Opex.

Edited by beta, 07 August 2007 - 11:46 PM.

[Echo]

Well, after 61 spx points in 1 and 3/4 days from the bottom at 1427, maybe we give it a bit longer to crack above 1490! I'm just sayin. Great trade RD!

[nicolasillo]

I m new on here and I keep seeing WWW. What does that stand for?
Thanks

Before the selling began on Friday August 3rd, (prior to the 3/4 moon Aug 5th) I posted this:

Look to the far left of the chart and you will see a big red candle followed by a doji (unchanged) low followed by a rally.
The 3/4 moon was Sunday August 8, 2004.
With the 3/4 moon this Sunday August 5th, that low sure looks a lot like this week, so far anyway.
So will next week see a similar big white candle?
If they can get through that 1490ish area next week, I say yes. (FED meeting)
Will sentiment jump to more bearish tonight?
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=3&mn=0&dy=0&i=p28233431990&a=31991787&r=3233.png

Then the bottom fell out and bearishness zoomed.
I bought the turn Monday and sold today.
Looks like 1490ish is still to be watched.
Did you notice that the 8 week MA (above) is in that same area where today's rally reversed?
WWW tomorrow.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=5&dy=0&i=p72160678317&a=103784149&r=8844.png

[emdee]

Hi nicolasillo, WWW is short for "Weird Wollie Wednesday" a term coined by Don Wolanchuck (da Cheif). It refers to the idea (phenomena) that the boyz manipulate the market down somewhere around the middle of the week prior to options expiration week to set up for maximization of profits in the options market. I hope that helps, Mike

[nicolasillo]

Many Thanks! That helped.

Hi nicolasillo,

WWW is short for "Weird Wollie Wednesday" a term coined by Don Wolanchuck (da Cheif). It refers to the idea (phenomena) that the boyz manipulate the market down somewhere around the middle of the week prior to options expiration week to set up for maximization of profits in the options market.

I hope that helps,

Mike