Noahedwinbeach2
135 posts
msg #32004
- Ignore Noahedwinbeach2 |
5/7/2004 9:55:01 PM
I give up..I am generally a long and I don't daytrade. I am sick of this though. Stocks keep failing out of breakouts, but it seems there are plenty of stocks available for shorting so I guess I will try my hand at that. What do you guys think? Are you guys shorting or going long still?
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frankis
12 posts
msg #32007
- Ignore frankis |
5/8/2004 5:00:42 AM
Dow has bearish price objective, according to the P&F chart here.
http://stockcharts.com/gallery?$INDU
The macd slow is above the macd fast and trending down, another
bearish signal.
OBV is also decreasing, another bearish signal and money flow is negative.
The market looks in a general down trend.
Key Near-term Technical Levels:
Index Support Resistance
Dow 10,000 +/- 10,700
Nasdaq 1875 +/- 2150 +/-
S&P 1075 +/- 1160
It is tough, I down too this year. Do you TA and hang in there.
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petrolpeter
439 posts
msg #32009
- Ignore petrolpeter |
5/8/2004 12:31:26 PM
You might want to try something like this;
.
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petrolpeter
439 posts
msg #32010
- Ignore petrolpeter |
5/8/2004 12:39:31 PM
.Leave out a letter and get different result,OK maybe now.
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petrolpeter
439 posts
msg #32011
- Ignore petrolpeter |
5/8/2004 12:43:29 PM
Last time I hope;
.now try.
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EWZuber
1,373 posts
msg #32016
- Ignore EWZuber |
5/10/2004 4:09:44 AM
Since the Monthly chart stochastics crossed into distribution the market has been in a downtrend with bounces when the Weekly and Daily charts both become oversold.
It is a waste of time taking positions against the trend. Typically one will just lose money.
When shorting though, I like to do it when the index and the stock are up against resistance and is overbought. One can wait for a confirmation of resistance with a break of TL support and a test of it as resistance to conform it as resistance.
In the last 2 sessions .COMP has dropped below the 200 DMA and tested it twice as resistance and confirmed it. Very Bearish.
If it breaks below ~ 1,900 ( 50 WK.MA ) I suspect it will drop to about 1,800 before finding any longer term support.
We are coming up on an oversold Weekly and daily chart within about a week or two ( depending on how hard the market drops ). When that occurrs there will likely be a short period where some gains can be made on the upside but positions will need to be chosen very carefully as any long position will still be against the longer term trend.
These will be bounces just to test resistance.
It looks to me like 1800 is inevitable within the next 3 ~ 5 weeks.
JMHO
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