4Q resistance is Friday's top near 47.84 (or thereabouts). Gap up and new moon reversal (to me) points to a move back toward 47 by Tuesday. If Friday was the bottom everyone was looking for, then a secondary low would be expected for Tuesday, and an important buy point for the rest of the week with a target of about 49.30's by Friday.
I remain in cash and waiting for the next high odds set-up.
New Moon Reversal Today?
Started by
blustar
, Aug 13 2007 08:00 AM
4 replies to this topic
#1
blustar
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blustar
#2
NAV
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Posted 13 August 2007 - 08:14 AM
4Q resistance is Friday's top near 47.84 (or thereabouts). Gap up and new moon reversal (to me) points to a move back toward 47 by Tuesday. If Friday was the bottom everyone was looking for, then a secondary low would be expected for Tuesday, and an important buy point for the rest of the week with a target of about 49.30's by Friday.
I remain in cash and waiting for the next high odds set-up.
Blu,
Today is Monday. You were expecting 1408 to be tagged today. Are you still expecting it or you think we have bottomed ?
#3
eminimee
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I don't care who's fur is flying...
Posted 13 August 2007 - 08:27 AM
...we have a gap and Goldman has provided the "go"....I wouldn't be surprised to see 1500 ES today. If it's going to turn down it will be from 1470ish....above there...1485...then 1500
#4
blustar
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blustar
Posted 13 August 2007 - 08:38 AM
NAV,
I think perhaps the FED skewed the normal trading course by their liquidity injections and that bothered me enough to get out of my puts Friday morning The e-wave look didn't appear to me to be right, but other of my indicators are suggesting we made the bottom on Friday. Normally 'z' waves of B waves are testy and that wasn't the case on the SPX, but was true on the 4Q as we had a false break there.
Right now it appears to me that we going to have a nice up week in the markets. The old saying, "trade the markets and not the forecast" is true to form as I never get married to my forecast. 8/10 was close enough to my cycle bottom to also get nervous about being short. I like high odds set-ups and if we can go back below 47 on the QQQQ tomorrow that would get me all excited about going long, otherwise I re-evaluate.
#5
rkd80
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Posted 13 August 2007 - 09:08 AM
...we have a gap and Goldman has provided the "go"....I wouldn't be surprised to see 1500 ES today. If it's going to turn down it will be from 1470ish....above there...1485...then 1500
nice call on 1470 TP, not a bad thing though...
“be right and sit tight”
