Short-term Update
#1
Posted 15 October 2007 - 04:07 PM
#2
Posted 15 October 2007 - 04:15 PM
Edited by youmast, 15 October 2007 - 04:18 PM.
#3
Posted 15 October 2007 - 04:28 PM
#4
Posted 15 October 2007 - 04:28 PM
my 2 cents -
SPX daily chart below
what is more important?
price action or the other indicators.
PRICE I say. note SPY is trading above 154.90 for most of the after hours trading tonight.
SPX tested the daily mid BB as today's low, from which it recovered.
SPX closed slightly above last week's low, after residing below it for most of the afternoon.
PRICE is king...not the indicators, and not the crystal ball we all think we have.
a bounce off the daily mid BB is likely bullish...price has resided above the mid line for 25 days now, the entire price candle has done so for 25 days!
NO trend reversal has been confirmed by the price action, YET.
ES futures tested the support t/l today....drawn off the Aug 16th low...and it held...low of day was also at the 20day ema on the futures.
bears are eager, but may be incorrect in not covering at today's low.
I went out flat all the ETF's I trade intraday or often on swings. Was daytrading those today.
Edited by hiker, 15 October 2007 - 04:31 PM.
#5
Posted 15 October 2007 - 04:53 PM
#6
Posted 15 October 2007 - 04:53 PM
Technically, the clearest signal is on RUT and it is generally bullish; RUT:SPX is putting higher lows despite this decline, what more do you want?!? It will be another inflationary blow off in the worst case in the IT sense. To be clear here, the market might not move straight up from here in October, but it will in Nov. Dec will be the real problem...
Edited by kisacik, 15 October 2007 - 04:54 PM.
#7
Posted 15 October 2007 - 08:11 PM
Edited by ogm, 15 October 2007 - 08:14 PM.
#8
Posted 15 October 2007 - 09:11 PM
Just after lunch EST today I posted that a test of 719 or so was okay, as long as we continue to CLOSE above it
http://www.traders-t...showtopic=77497
But to be fair.... there are some clouds on the horizon..
for one, the daily MACD histogram turned down....
for two, RSI took a big knock on the head today...
and others..
so its easy to see what other "charters" are seeing.. increasing divergence and weakness....
not to mention a VERY odd and overly bullish PCR...
so its a good time for caution if you ask me... As long as we continue to trade and close above the consolidation, the bulls are in control, but if we drop back into the box on increasingly negative breadth, the decline will be nasty. Minimum 30 OEX points, possibly 60.
TImewise, the bulls still have the edge, but even the NYSE summation is starting to wobble a bit..
mm
#9
Posted 15 October 2007 - 09:28 PM
#10
Posted 15 October 2007 - 09:50 PM