EWZuber
1,373 posts
msg #58336
- Ignore EWZuber |
12/20/2007 1:28:51 PM
There's the COMP bouncing up off its 10 HR.MA
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EWZuber
1,373 posts
msg #58337
- Ignore EWZuber |
12/20/2007 2:21:01 PM
COMP dead up against resistance at the 50 HR.MA. It is very significant if violated.
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nikoschopen
2,824 posts
msg #58338
- Ignore nikoschopen |
12/20/2007 2:21:44 PM
All throughout the week, the market has been behaving in a all too predictable manner. Down it goes in the morning and up it goes in the afternoon. No-brainer, right?
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EWZuber
1,373 posts
msg #58339
- Ignore EWZuber |
12/20/2007 2:23:14 PM
Even more significant is that 2628 is also the 25 DMA. A close above that would create a Daily Chart buy signal.
IMO
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nikoschopen
2,824 posts
msg #58340
- Ignore nikoschopen |
12/20/2007 2:28:46 PM
But, on second thought, how long will this last? I'm afraid some people will get a nasty surprise―more sooner than later
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nikoschopen
2,824 posts
msg #58341
- Ignore nikoschopen |
12/20/2007 2:31:37 PM
Yeah, all out short I am as of now. Hopefully I'm correct in my otherwise useless forecast.
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johnpaulca
12,036 posts
msg #58343
- Ignore johnpaulca |
12/20/2007 3:54:13 PM
With all the volatility in this market I was selling too early (before noon) leaving a lot of money on the table. My saving grace is that I have been fortunate to pick more winners than losers. Zub, keep up the good work, I look forward to reading your daily market commentary.
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EWZuber
1,373 posts
msg #58344
- Ignore EWZuber
modified |
12/20/2007 4:13:13 PM
nikoschopen, I am about as certain as I can be that the COMP is going to re-test the 50 DMA as resistance. Everything is set up almost perfectly.
Also there is a 1.5 month long TLR that has almost converged with the 50 DMA.
This will make tough resistance. But thats quite a bit higher from here.
Today we got a bullish Daily Chart buy signal. A very bullish Hammer Candlestick gave us a stochastic +Xover and a break of both the 25 DMA and ST 10 day pattern TLR = buy signal on the Daily Chart.
Closed a tad above the bottom of the gap .
There is pretty much a technical void between here and the 50 DMA except for minor congestion around 2650.
So with both the Weekly Chart and Daily Chart stochastics in accumulation phases there will be a synergy of the phases of the time frames and create a bullish tendency for at least a week or more.
What I have not heard any talk of anywhere is the fairly large Double Bottom pattern that has formed on the Daily and Weekly Charts in the bottom of this correction/consolidation pattern that began in Nov.
If the 50 DMA can not be broken then I suspect the pattern would become a drawn out Pennant pattern.
A violationof this Double Bottom pattern resistance at 2734 would push the COMP to re-test the 52 week high at 2850 as resistance.
Monthly Chart keeps popping up off the 15 MO.MA.
IMO
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nikoschopen
2,824 posts
msg #58348
- Ignore nikoschopen |
12/20/2007 4:47:39 PM
Or get myself a new pair of glasses. Thanks for the pointer.
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EWZuber
1,373 posts
msg #58350
- Ignore EWZuber |
12/20/2007 5:01:05 PM
Sorry had to edit that. Wasn't supposed to post.
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