Tom; RE:" where they wanna go, pardner "
man, I'm hardly one to be giving advice to someone I consider my teacher, Tom.
>So the question is how do you go about determining the underlying trend??
I'm using 216-minute candlesticks for that purpose, along with daily chart stochastics set to %K = 14, 2-slowing, %D = 3, method = 'time series', FWIW. Wednesday's candlesticks showed uncertainty, which is bearish in the context of a preceding upward move (or vice-versa after a downward move) - stochastics said "overbought" - they are now "neutral", and the market is "slow".
>For example, what is the trend as you interpret it as of now--up or down??
bias now up from ~1060 perceived support.
light resistance ~1090, heavy resistance 1105~1110.
The OEX.X shows a horizontal "channel" since March-April, that I believe is now the operative market trend. My candlesticks say that the other DownTrend, from mid-July, was buried Friday in a "gravestone doji" intra-day. The OEX channel has support ~522.5, light resistance 537~540, heavy resistance ~545.
Good luck to you, mate.
-Steve |
