5 replies to this topic

[hiker]

1461.57 is early 2007 high

two data items near 1467

1. the .50 retrace of the Sept 4 high to Sept 10 low... 57.11 point decline ....is -

1467.84

2. 1466/1467 is R2.

Edited by hiker, 11 September 2007 - 10:21 AM.

[ogm]

Just looking at that chart without any bias, from TA point of view. 1. CCI turning back up from zero line ( Some consider it a buy signal) 2. Price bouncing back above BB center line. (Same thing as CCI) 3. ADX dropped off, signaling the weakening of the previious trend ( which was down) 4. DMI- component making lower highs, as DMI+ making higher lows. 5. MACD cross over, not good. Overall the benefit of the doubt goes to the upside, IMO, provided we close here. One more up day would probably seal it.

Edited by ogm, 11 September 2007 - 10:44 AM.

[hiker]

agreed OGM. hard to be bearish here until more downside action..yesterday's down t/l SPX test was bought now we are retracing the recent decline..will the rally stall at some point? it is fair to expect a bounce after a sustained 57 point decline, but also not wise to get bulled up too early...I am still looking at 1476 major horizontal as the line in the sand that has held closing basis many weeks now. I am playing the long side for the day...for now. many tech stocks looks good perhaps it bears repeating: we just declined 57 POINTS into yesterday's low...what is good about that while price tests the 200 day sma...or is the 200day ema more impt.?

Edited by hiker, 11 September 2007 - 11:56 AM.

[ogm]

Here is 60 min chart. So far so good.

Broke above falling trendline, retested for a couple hours, couldn't break back down.

[hiker]

NAV has been speaking recently to this general type of setup I think...it is best to fade those who are buying the "breakout"

XLF daily..see 33.57 horizontal

Edited by hiker, 11 September 2007 - 12:20 PM.

[risktaker]

BIDU, JNPR and WYNN among others are breaking to new highs.