2 replies to this topic

[hiker]

if SPX major horizontal tested Tuesday at 1432 is the low of this retracement

if NYA major horizontal nearly tested Tuesday at 9250 is the the low of this retracement

SPX major horizontals based on long-term daily:

1525
1476
1432
1404
1370

Ted Burge shows the horizontals for the other averages, and with one exception ..Tues close is near a major horizontal -

http://stockcharts.c...t...01&cmd=show[s95439095]&disp=O

Ted shows horizontals for NYA different than the 9250 horizontal that I use because the move above 9250 confirmed the 2007 bull advance.

personally, I am waiting to get long until some resistance is taken out above on a sustained basis. I closed shorts yesterday as posted real-time here. I am waiting because I want to see horizontal support hold on a closing basis..daily and weekly closes.

Edited by hiker, 29 August 2007 - 07:17 AM.

[traderpaul]

Hiker, I have a question for Ted....It is great and look at a chart for support and resistance.....Does a trader do that with a margin call?.....He/she will sell the ones with most profit and most loss......Can Ted see that on the charts?

[redfoliage2]

Hiker, I have a question for Ted....It is great and look at a chart for support and resistance.....Does a trader do that with a margin call?.....He/she will sell the ones with most profit and most loss......Can Ted see that on the charts?

Expect some margin call selling right at the open. So any rumor-based pop at the open will fade.

Edited by redfoliage2, 29 August 2007 - 07:44 AM.