If the ST S&P one closes near 0, there will be a signal. That signal holds through the lows of Monday, btw. In some cases, several hits at 0 intraday is all the signal there is before a reversal, but end-of-day signals are more reliable. As I've said, 1074 is an area to watch for the SPX (or a little above).
ST Naz CI: 41.921 62.348
MT Naz CI: 35.166 50.682
LT Naz CI: 69.635 77.283
ST S&P CI: 0.182 18.384
MT S&P CI: 0.182 17.878
LT S&P CI: 49.140 62.172
Getting off the subject of the CI's, there was a short signal for the Naz when support was broken at 1696. The next target would be 1646. 1696 will now be the resistance level, and it'll attract flies.
Of course, nothing is guaranteed, and the pseudo-science of TA amounts to a stab in the dark. It's all guessing, all speculation. The more certain anyone is about the direction of the market, the more likely it is that they're dead wrong. But not to worry: There are organized discussion groups for people who have a habit of being dead wrong. So TA has a place for them. TA is a pleasant hobby that thas a place for everyone. It's like tie-dying. You can't really go wrong with it, as long as you don't make any trades.
Remember: The market isn't going down today. It's basing. And it's basing not because of technical or fundamental reasons but because of foreign capitulation. Make it up as you go along. It's fun and harmless. |
