The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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Doug R

To: Magnatizer who wrote (74255)	4/13/2024 10:44:49 AM
From: Magnatizer	1 Recommendation Read Replies (1) of 79459

Weekly CCI's all turned down but in positive (+0) territory. Negative divergence is abundant. DJI: Negative divergence confirmation. Lost the most recent uptrend and is testing the bottom of the recent horizontal. Retest the key uptrends (below) is normal activity. I'll be a small position buyer in the lower to mid 37k area, larger lots in the mid-upper 35k area. tradingview.com SPX: at a minimum, the cross has marked a short term top. I will be more cautious on the long side with SPX than I am with DJI. tradingview.com NDQ: did maintain contact with the uptrend it's been tracking. Failure to push CCI into hot zone on this last leg up from Oct is concerning as is the failure to reach for the key uptrend (thick red) overhead. tradingview.com RUT: failed to reach for the key overhead uptrend and lost it's breakout from the long term horizontal channel. That said, retesting the breakout area is perfectly normal. It's back to neutral territory in the RUT. I did elevate the uptrend and it's associated trendline to key status. This set from 05-06 is showing up at significant testing zones. Action from this trendline set: tradingview.com Cross horizontal from Oct 06 in play through Oct 2012 tradingview.com Uptrend held top in 2018 Uptrend was part of a cluster of uptrends which stopped the bull run from the covid lows Uptrend provided support in Q1 22 Uptrend marked top in Aug 22 and now this action A move up through this particular trendline will signal a retest of it's associated trendline, curreing lin the mid 2500s SOX: lost the most recent (STEEP) uptrend, in the neutral zone now as it works inside the cross bar horizontal channel of 4408-4993. Sideways in this channel into the Mid July cross would be a good set up for the bulls. tradingview.com DJT remains trapped between the horizontal overhead and the key uptrend support, something has to give tradingview.com ME neg divergence, lost recent uptrend then returned for a sniff and now uptrend holding resistance and losing recent horizontal. It is testing the prior highs after a somewhat subtle breakout. I'm neutral here as well. tradingview.com UGL: that's one fugly bar. Likely to retest supports soon. tradingview.com

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