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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (13557)	1/24/1999 10:28:00 PM
From: set	Respond to of 44573

re: volume really not sure. I don't have reliable figures. there's a likely support at SPX 1210, but I think concepts like double bottom are subject the same sort of interpretation as candle sticks. In other words, the implication depend on context. In this case, there's been no downtrend. As I see the daily chart, support of a continuing uptrend should have come at the low Thursday. It didn't. Instead that was resistance on Friday. The overall picture on the daily chart is one I see on 5 minute charts all the time. Two peaks with the second one lower and a shallow low between them. There's only one kind of up move out of this that I've seen. In this case that would be a quick move above 1250 and then a bull flag there. It would have to be from the closing price on friday, so a down open tomorrow, or a rally failing below 1250 would mean more down. However the daily chart is NOT a 5 minute chart, so I'll soon learn if the same rules apply. I think realistic supports is around 1200, and failing that (gasp) 1160. failing that it's basically the end of the world. I would love to see a bottom sooner. My system went short on wednesday and I ignored it like a total idiot. Now I'm afraid I've missed a good trade. Shahar