Steve, Re: PSE.X,D is not impressing me the way it is you, Esteban - it's feeble looking, man
I just watch the 5 minute bar on the PSE and leave the daily and candlesticks for SPY. I agree, it doesn't look strong, but this puppy can up and GO when it gets a mind to. What I see is that it broke 2 well defined downtrend lines after holding 297 twice. Now it's holding second trendline it broke as support. It's a promising beginning.
SPY, OTH, looks much stronger, but disappointed me into the close. It's been turning nicely on 90 min signals, and we got a beauty today. I went for it, wish I would have waited for a pullback to get a better price, but it was advancing on pretty good volume then. I don't know if our 90 minute chart generators coincide. Mine starts at 9:00, can't specify a starting time.
SPY daily still looks bearish after evening star/ dragonfly doji. But we closed the window yesterday and held it today, so maybe... We're one day from intermediate trendline touch, but I'm saying we're close enough!
Re: INDU Here we can draw a DownTrend from recent highs that was busted UP on Thursday's Second Marching Soldier, followed-through on Friday. Then a retracement back to the original DownTrend Line on both Monday's Bearish Engulfing and today's candlestick, both MON and TUE kissing that DownTrend line and finding support; Today's just barely failed to pierce Monday half-way. INDU's UpTrend remains intact, and is performing by some T/A textbook.
I give more weight to the uptrend line from 10/28 than the downtrend from 10/8. Downtrend very low angle and we had been away from it for a long time. In any case it makes a triangle, and it's about time to resolve it.
Steve, I'm afraid the complexity of your positions is beyond my long or short simplicity. You are short the DOW because...? with as you say "the uptrend still intact." You have no position in OEX right now? Just trying to get it clear where you stand.
Esteban |
