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Market Swing Discussion: Don Sew's Chat Room Notes and Recaps
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Posted by Nikko_thyme on Sunday, January 12, 2003 - 8:58 pm:
Chat Notes : 1/12/03 8:00
Weekly Signals : All indices are in the UPPER MIDRANGE/OVERBOUGHT
area.
Daily Signals : SPX, OEX, RUT : UPPER MIDRANGE, near OVERBOUGHT.
All other indices are in the OVERBOUGHT Area.
HUI : LOWER MIDRANGE, Gold may move up some more before a larger pull
back.
USD : OVERSOLD, with a possible Bullish Wedge forming.
Capitulation Indicator : CLASS 2 BUY area (may pop up)
If the market continues up, Don may get CLASS 1 SELL signals in 1-2
days.
The DOW, SPX, OEX closed with perfect Doji's which may signal a turn.
Rectangle patterns may also have formed, which commonly have a pop to
the upside before selling off.
The weekly VIX has formed a Shooting Star, and if it gaps up may form
an Abandoned Baby or a Morning Star pattern.
The daily VIX has a series of 6 small bodied candles which could lead
to a strong move up.
The NAZ, and NDX have formed a bearish rising wedge on the 60 min
chart which has 4 touches on the top and 3 on the bottom. The apex may
arrive in the Tue-Wed time frame. It is common for these to break to
the downside, but a 20-30 NDX pt break to the upside would be bullish.
Don is looking for a 9 month cycle low in late March early April which
may retest the Oct lows by + or - 7%.
A 34 day Fibonacci pivot point is due to hit this Wed + or - 2 days.
Don is currently holding a near 50% short position which is a mix of
options and short fund positions. |
