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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: Fiscally Conservative who wrote (33754)	6/15/2012 2:55:06 PM
From: chartseer	Respond to of 219263

I am just playing the $indu PnF chart the way I see it. I see impregnable resistance at 12750. Then again I me be seeing only what I choose to see as impregnable. I would hate not to be short over night or over the week end when this market crashes over night. This means I must be short over nights and over week ends. If i could draw on charts before posting them I would post what I see. Being I cannot I can only post the chart as posted. Three different times in the not two distance past this chart has bounced up from 12750 level. You know what they say about previous support level become resistance levels. The downtrend line now crosses down at the 12750 level. If my reasoning is correct which it very well not be there is a ton of resistance at 12750. I doubt it will be penetrated at present if at all. It is not impossible but not probable. Does it reflect the Greek election I don't know. It all could be coincidence. I just feel so comfortable being short even if I am at least a day too soon and at least 100 points too soon. The chart does have a buy signal and a conformation of that buy signal to give it a bullish price objective but the down trend line is still in charge. I think? We will all know more Monday meanwhile I am comfortable being a contrarian. Especially over this weekend. Suggestion, print the chart and take a yellow high liter and run it across the chart from one side to the other at the 12750 level and put it away for a while.