32 replies to this topic

[SemiBizz]

1387 is a modest target, as was 1379.25. If we cannot crack those here... even on light volume this is not a good setup to stay short...

1402 is also a modest target to the upside, if we can't crack that on this holiday level volume today, we'll see a consolidation retest of the low...

[SemiBizz]

The way I'm playing this is against my Stud Stock MRVL... My stuff says 13.40 opening high will be tested...

http://bigcharts.mar...&mocktick=1.gif

Price seeks volume... as you can see Friday's high volume low was tested (9:45 stick) and rejected on lighter volume, and the target is now today's opening candle high of 13.40. Today's low is also wide open to a retest on 15 min basis...

Edited by SemiBizz, 28 April 2008 - 09:56 AM.

[NAV]

[A-ha]

Did you just short? ES dropped 3 ticks at once.

[StillLearnin]

Good eye NAV, I agree. Some people see this as a double bottom, some inverse head and shoulders, and others just a "trading range". But not acting like a convincing breakout yet. I agree with U.F.O. market can go higher on light volume but a major break area like this I would think you would want to see volume and breadth.......the other way for the bulls to do it would be to slowly push it more than 3% beyond breakout pooint (1440+). If bears let it get past there something is up....

[SemiBizz]

Actually, what you want to see is what we have here... light volume AT the top... followed up by HUGE VOLUME OFF THE TOP... I don't expect any of that til after the Fed FWIW. But I can be wrong too.

[redfoliage2]

More look like a fake out. let's see in the afternoon but I think HOD already in.

[SemiBizz]

OK, so what we have here is a thrust on progressively lighter volume and the dominant volume stick is the 1387 low I'm talking about from Thursday.... Oops, that did not load correctly, I'll try again.

Edited by SemiBizz, 28 April 2008 - 10:15 AM.

[SemiBizz]

One more try... the exact low is 1387.84 we are probably on our way there now.

Edited by SemiBizz, 28 April 2008 - 10:22 AM.

[NAV]

Ok i am in. Short ES 1398.25. 4 point stop.