5 replies to this topic

[hiker]

upper horizontal marks the 34-week ema, 1461, which is where today's high so far resisdes, along with R1

the two prior weeks did not close above the 34-week ema

the 1447 and 1432 horizontals are major based on long-term daily

1447 is being tested right NOW

Edited by hiker, 10 August 2007 - 12:04 PM.

[arbman]

Although my "gut" says a bottom, but I am not getting very strong bottom signals from the majority of the stocks yet, perhaps a little chop here...

Anyway, other "logical" considerations, every low is different...



- kisa

[hiker]

will shorts want to take on headline risk over the weekend of more potential Fed action? a rally into the close from whatever intraday low we make today, will not surprise me. if this hold up intraday: 1447 major horizontal, with the 200day ema nearby...I would not want to be short into the next 3 hours. sure, it remains an if, but I think shorts have more risk rest of day than longs.

[arbman]

I agree, this is not where you want to play short... There are too many positive divergences at least for a ST low...

[hiker]

SPY has been unable to move above the intraday d/t line on the 15min SPY

[hiker]

just sold SPY long near 1460 SPX R1..entered at 2:55 time slot, and posted in another thread. going out flat. 5day sma is near 1470, and could be Monday's upside target on further rally...1470 is R2

Edited by hiker, 10 August 2007 - 02:43 PM.