el,
I guess I see what you mean. I don't use moving averages to define support, just as a heads up to where other traders will be lurking with buy and sell orders.
I don't like the looks of support in this mid range area you refer to 639. Basically its day to day watch on NYA - if it can manage a higher high than the day before, well then perhaps all is saved.
Re the COMPX, my basic feeling is that we will retest the lows and then we see what happens. I'm not really into prediction, I'll leave that to the ewavers (no offence guys and gals, I just don't understand that stuff! yet...)
However what I do like very much are failure patterns. A change of trend is just a big one.
Nasdaq as it happened...
intelligentspeculator.com
intelligentspeculator.com (Wednesday the market made a higher high (barely) and low today on the daily, end of day shorts can follow the up bars underneath with a sell stop. Would expect resistance underneath the upper trading range / Oct 18 99 trend line.)
intelligentspeculator.com
NYA is the strongest now and I think that it will hold on that candle.
Will see,I am always more bullish than I should be, but I can't help it...
Well I don't share the 'more bullish' trait :) Anyways, as you can see I've been expecting the decline and its just key support failing that make it fairly easy to call.
This is not an ordinary sell off, and if my sense that the NYA will fall apart as well happens to come true, then we will see some very interesting fireworks.
Frankly I'd like to see a massive capitulation bottom sooner than later. But I'm patient, and quite short, in the meantime. |
