L3- You gotta a take this week? It looks to me if the COMPX fails in the low 2500's....that would mean (1) it couldn't close gap, and therefore gap was not an exhaustion gap, AND (2) it will have been stopped at Sept. downtrend line (big resistence).....setting us up for a downturn into 28th....and, in all likelihood, a break of (90 COMPX log) long-term support, possible H & S, and all sorts of ugliness..
If we clear Thursday (2553), and close above...then we successfully established a "3 touch-line" (Paul's catch) as new upper-sloping resistance.... at a few pts a day (starting from low 2400s)...of course, something else could also develop on the way up, but the "new" resistance line would have held, and even talk of a move to 3000 could begin somewhat...(talking in account all other resistance on the way)
Of course, if we turn down Tuesday, and close anywhere below 2370 or so....well, in most cases, that's likely very bad ....a few support lines left underneath...but the 90 COMPX log is the bigger Kahuna here.....oooh..
So, numbers-wise, this seems more clear than in a while....some decisions should be made this week.....not a lot of playroom on either end from Friday's close *(without establishing something new).......any thoughts? Any major support/resistance I'm missing? TIA.. |
