Technical analysis for shorts & longs Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs

SPY 675.24

-1.2%

Nov 4 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Johnny Canuck who wrote (47294)	11/24/2011 4:35:22 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 67640

6 down days in a row where the close was below the close of the previous day. The market is now at a statistically extreme. I would expect a large rally within the next 3 trading sessions. Keep in mind the thanksgiving holiday really distorts this pattern. Not the same pattern on the DOW as Friday was an inside day with the close near the low of the day, but above the close of the previous day. We expect minor support at 11,000. Transports confirming the move on the DOW. COMPQ just seeing an orderly sell off with 3 days in the direction in the trend, a reversal day and then the formation of the next micro trend. The worrying part is how orderly this sell off is. Financials breaking a strong support level. It is back into uncharted territory with a strong possibility of testing the recent low in October. All indices on a sell signal. Long term trend in gold still intact, potentially start a small trading position in this range for a rally to the top of the trading channel.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next