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Pastimes : The Philosophical Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jack of All Trades who wrote (5696)	5/22/2010 1:53:12 AM
From: westpacific	Respond to of 26251

I am talking about the TRIX crossup... We finished the week with three candle reversal patterns on the big three indexes; so I would expect a rally which could potential be just a big bull trap. Or could it be a reversal back up? Or could this rally be a few days to a week then reverse back down... The megaphone bottom is still a long way below; much technical damage was done this week in spite of some positives on the Friday close... The technicals that broke this week are now overhead; so will watch to see if they can rally back above; that could change my tone in the near term... If not for the three candle reversals; would not be bullish; but those are strong reversal patterns and should result in at least a week or so of upside to trend. The Weekly B Bands for now are holding the downside; it did this on the last top out in 2007, perhaps the INDU could test the shoulder again around 10750...and 10800 is now also the Dome Roof Overhead. Perhaps also we just fill the open gap on SPX around 1110 and then head back down... Will update in a week or so. For now this market remains very dangerous; at least till the E is complete to the downside on the megaphone; I cannot be bullish. Bounce yes; for sure; the technicals set that up Friday... Good Weekend W