14 replies to this topic

[Trend-Signals]

60m is now reset at targeted supports. Qs closed the Gap which is shown with highlight. Positive market reaction after the FOMC meeting into close is positive for bullish case. [chart]stockcharts.com/c-sc/sc?s=QQQQ&p=60&yr=0&mn=2&dy=21&i=p45902708923&a=76409398&r=568[/chart] [chart]stockcharts.com/c-sc/sc?s=QQQQ&p=D&yr=0&mn=10&dy=0&i=p84074521435&a=100577535&r=859[/chart] [chart]stockcharts.com/c-sc/sc?s=QQQQ&p=W&yr=4&mn=6&dy=0&i=p61419855820&a=78331079&r=210[/chart] [chart]stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=2&dy=17&i=p98670794592&a=79285156&r=938[/chart] [chart]stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=9&dy=0&i=p22232131775&a=76929034&r=724[/chart] [chart]stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=4&mn=8&dy=0&i=p49229126946&a=78987374&r=825[/chart] [chart]stockcharts.com/c-sc/sc?s=$INDU&p=D&yr=0&mn=10&dy=0&i=p31631774778&a=76966992&r=329[/chart] [chart]stockcharts.com/c-sc/sc?s=$INDU&p=W&yr=4&mn=7&dy=0&i=p06542340040&a=76929550&r=152[/chart] [chart]stockcharts.com/c-sc/sc?s=$COMPQ&p=D&yr=0&mn=8&dy=0&i=p21609042622&a=76909044&r=764[/chart] [chart]stockcharts.com/c-sc/sc?s=$COMPQ&p=W&yr=4&mn=6&dy=0&i=p22094758617&a=77295648&r=443[/chart]

[NAV]

It's not the FOMC meeting. It's the Fed minutes

[eminimee]

One more low could do it....1437/38 has to hold though

http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=1&mn=7&dy=3&i=p92552630788&a=104586413&r=7727.png

[hiker]

when price is moving down in a trending move following rally failure...do targets and support matter more than the trend and rally failure? a neutral trader in this environment is more likely to be looking for support failure at this moment than EXPECTING support to hold... looking means wait and see what happens vs. EXPECTING supports to hold tough call, and I realize support is holding for the moment...agreed a postive close will, especially above Thursday's lows will be a good sign. the close will be important. thanks for all your ideas... my bet is on further downside....just closed my one long...am now 70% short a variety of equities and ETF's...no buy signals in play on the intraday action...until that is seen, have no idea whether supports will hold

Edited by hiker, 28 August 2007 - 01:10 PM.

[Trend-Signals]

http://www.stockchar...09398&r=568.png
http://www.stockchar...77535&r=859.png
http://www.stockchar...31079&r=210.png
http://www.stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=2&dy=17&i=p98670794592&a=79285156&r=938.png
http://www.stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=9&dy=0&i=p22232131775&a=76929034&r=724.png
http://www.stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=4&mn=8&dy=0&i=p49229126946&a=78987374&r=825.png
http://www.stockcharts.com/c-sc/sc?s=$INDU&p=D&yr=0&mn=10&dy=0&i=p31631774778&a=76966992&r=329.png
http://www.stockcharts.com/c-sc/sc?s=$INDU&p=W&yr=4&mn=7&dy=0&i=p06542340040&a=76929550&r=152.png
http://www.stockcharts.com/c-sc/sc?s=$COMPQ&p=D&yr=0&mn=8&dy=0&i=p21609042622&a=76909044&r=764.png
http://www.stockcharts.com/c-sc/sc?s=$COMPQ&p=W&yr=4&mn=6&dy=0&i=p22094758617&a=77295648&r=443.png

[skyymaster]

I would disagree that it would be positive for the market if it closes up today after the fed minutes. This would be first reaction imho. We still have gaps below that need to fill before new highs can be made. Best case scenario for the bulls is for the market to continue down. FWIW

[Trend-Signals]

Best case scenario is to negate this nonsensical HYPED negative sentiment. Breaking above the resistance will do the job.

[eminimee]

I'm short ES from 1455 on this latest scalp... dropped half at 49 but looking to unload the rest at 42 and will try a long at 40.50 with a 2.25 point stop Stop on the half I still have short is at 53.50

Edited by Teaparty, 28 August 2007 - 01:23 PM.

[NAV]

when price is moving down in a trending move following rally failure...do targets and support matter more than the trend and rally failure? a neutral trader in this environment is more likely to be looking for support failure at this moment than EXPECTING support to hold...

looking means wait and see what happens vs. EXPECTING supports to hold

tough call, and I realize support is holding for the moment...agreed a postive close will, especially above Thursday's lows will be a good sign.

the close will be important.

thanks for all your ideas...

my bet is on further downside....just closed my one long...am now 70% short a variety of equities and ETF's...no buy signals in play on the intraday action...until that is seen, have no idea whether supports will hold

Hiker,

That's a surprising statement, especially when coming from you who mostly trades supports and resistances. This is not mean't to be a critique. I actually admire your skills at picking supports/resistances. I remember you picking various supports while the SPX was in a hypervolatile trending decline a couple of weeks back. What's different this time ? Just trying to understand.

[eminimee]

out of short at 46.50