Not talking about the NDX. But neither the DOW nor the ES tested their broken channel tops in the regular session, which i am pretty surprised. So either they are reserving the upside blast on SPX for the after hours session, after the earnings releases or NDX will top out pretty badly with the downward pressure from SPX. I am neutral at this stage and busy scalping. Looking at the corrective mess on NDX, i would bet on the latter.
Market looks pretty weak
Started by
NAV
, Oct 18 2007 02:40 PM
7 replies to this topic
#2
ogm
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Posted 18 October 2007 - 02:53 PM
Take a look at SPX/DOW 60 min charts, and notice a downward/wedge channel we just broke to the upside.
Overall looks like corrective pattern.
Edited by ogm, 18 October 2007 - 02:54 PM.
#3
arbman
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Posted 18 October 2007 - 02:54 PM
It might tank one more time, unfortunately I had to spend some money on the hedges once again...
#4
NAV
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Posted 18 October 2007 - 02:58 PM
GOOG looks strong though. The sucker has a ascending triangle formation on the hourly charts. A lot of expectaion built into it's earnings though. Very interesting juncture. I am flat.
Edited by NAV, 18 October 2007 - 02:58 PM.
#5
beta
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lasergirl
Posted 18 October 2007 - 02:59 PM
GOOG looks strong though. The sucker has a ascending triangle formation on the hourly charts. A lot of expectaion built into it's earnings though. Very interesting juncture. I am flat.
Agree. Im betting 30 pt. pop to 670 range, before selling down to 580.
Edited by beta, 18 October 2007 - 03:00 PM.
"Daytrading -- An Extreme Sport !"
#6
arbman
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Posted 18 October 2007 - 03:00 PM
The market will most likely go up, but it will not break out of the range significantly, imho, and there will be one more buying opportunity later in the month. I still predict a trading range until the FOMC...
#7
eminimee
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I don't care who's fur is flying...
Posted 18 October 2007 - 03:18 PM
For a boring day it was alright.....including the short from last night.....24 ES pts captured today.
#8
mini-trader
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Posted 18 October 2007 - 04:39 PM
Not talking about the NDX. But neither the DOW nor the ES tested their broken channel tops in the regular session, which i am pretty surprised. So either they are reserving the upside blast on SPX for the after hours session, after the earnings releases or NDX will top out pretty badly with the downward pressure from SPX. I am neutral at this stage and busy scalping. Looking at the corrective mess on NDX, i would bet on the latter.
Close though...mayget there AH tonight. I'm betting on it.
"Bottoms come fast...Tops take forever"
