Market Swing Discussion: Chat Room Notes and Recaps
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Posted by Kate99 on Thursday, October 17, 2002 - 1:28 pm:
Chat Notes Oct. 16/02 12:45 p.m.
At this mornings high, Don got intraday Class 1 sell signals on the DOW, SPX, OEX, NAZ, NDX, SOX and RUT. If we close at the high today they will be closing Class 1 sell signals.
There are tweezer tops or mini double top patterns, as long as we don’t move higher. DOW, SPX, OEX, and SOX have a bearish sandwich candle pattern.
These large moves we have been having is not normal, considers it an anomaly which needs to be resolved. He is not as confident that the lows are set for the short term and that we may make new lows. Will watch market internals over the next few weeks.
At this time there is a positive divergence in the capitulation indicator, where it is making a higher low, which is bearish for the market. Capitulation indicator is inverse to the market.
If we close at the high today Don will add to his USPIX position and will add puts tomorrow if we make a higher high tomorrow.
The class 1 sell signals from Tuesday have already been fulfilled. |
