GZ,
I am still a believer that for the time being that the market is still in a trading range. Untill we break the 200 day moving average, which is now around 8500 there is still no strong technical evidence that we are reversing to the upside. Additionally I see a major peak near 8700, which would need to be taken out to confirm an reversal to an UPTREND.
I am just using the basic principal of higher highs and higher lows. So far we have produced a few higher lows which does indicate some movement upwards but so far the 8095 resistance was tested twice and it held. A break of 8095 would create a higher high, but is still a distance away from 8500 and 8700.
I realise that by the time we get to 8500/8700 an upside opportunity would be loss. There is one more important resistance at 8300(but not as important as 8500 and 8700), which if broken, would probably be the first sign that the uptrend may be starting, but would require the confirmation of a break of 8500 and 8700.
My feeling is that unless we break 8700 to the upside, we are still in a trading range which is just getting larger or just shifting upwards for the mid-term.
Have noticed strong exuberance on this thread in both directions, and just hope that such strong feelings do not hurt ones ability to logically look at the market.
If one is looking for very short-term(1 day) signals - The DOW will rally today in light of the futures being up 9. If the DOW does not close at its highs, this rally may not be as strong as you think. Of course a 1 day signal is not conclusive, and the following days actions need to be watched.
Just be cautious, since it appears from your exuberance that you may be buying strong. I may be wrong about you buying strong right now, then you are just expressing your opinion exuberantly.
Seeya
|
