2 replies to this topic

[Rogerdodger]

USDollar Decending Triple Bottom Break!

While Gold makes a triple top breakout.

[hiker]

hi RD,

thanks...since you follow SPY...for this time period leading up to Sept 18 Fed....two price levels to highlight.

145.33 is a recent daily low from last few weeks that was tested and held on Friday..and it looks impt. when plotted on the weekly

143.80 needs to hold

so...any long trades in the vicinity of 145.33 or below can consider minimum risk to 143.80...1.05% risk

for potential reward of 2.06%:

148.33 is the near-term max. upside R, with a simple breakout no. above the approx. 150 to 150.55 zone

--------

many of this week's buyers were trapped by Friday's gap down and they may represent weak hands at this point

---------

I cannot ignore that this week's SPX high satisfied the .618 retrace of the 1555 to 1370 move....what is to be expected as a retrace before possibly heading back down

and that VIX is headed back up

bulls cannot be complacent, until SPX starts closing above 1476 on some consistent basis

bottom picking is not the way to go in my opinion

expect a bounce at some point again, that may be short lived

watching the 10 week sma as potential R..if it continues to decline, bulls are going to have a tough time with conviction

Dave provides some trendlines here that readily show something important to consider -

http://forums.techni...post?id=2140605

Edited by hiker, 08 September 2007 - 12:19 PM.

[Rogerdodger]

Hi Hiker. I hope you are hiking some this weekend. Sentimentrader had a nice bearish jump Friday. We could see some more bottom probing Monday and maybe reverse by the close. That's my bs guess. BS hat =