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Where the support is.
a. Price trendlines : Unfortunately they are ambiguous since they
diverge. The resistance slope [defined by Sept8-Oct7 peaks] is 2.76,
the support slope [defined by Sept28-Oct25 troughs] is -9.031.
The support trendline was pointing 10,421 after todays close.
This support will be valid until a new trough appears.
Will it be higher than Oct25 Low ? [10,575]
Will it be lower ?
Who knows...
The new peak, on the other side, will be [probably] the Nov16 high
[11,268]
There is no clear scenario, this session was rather confusing, you
turned your face south and you didnt follow the positive US session...
b. The [recently posted] RSIc trendlines
//The RSIc trendlines
procedure RSIc(n)
{
C=RSIa(C,n);
O=RSIa(O,n);
H=RSIa(H,n);
H=IIf(H<Max(C,O),Max(C,O),H);
L=RSIa(L,n);
L=IIf(L>Min(C,O),Min(C,O),L);
}
n=Param("n",10,10,30,5);//RSI sensitivity
RSIc(n);
Plot(C,"RSIc",1,64);
per = Param("per",10,3,20,1);//trendlines sensitivity
x = Cum(1);s1=L;s11=H;
pS = TroughBars( s1, per, 1 ) == 0;
endt= LastValue(ValueWhen( pS, x, 1 ));
startt=LastValue(ValueWhen( pS, x, 2 ));
dtS =endt-startt;
endS = LastValue(ValueWhen( pS, s1, 1 ) );
startS = LastValue( ValueWhen( pS, s1, 2 ));
aS = (endS-startS)/dtS;bS = endS;
trendlineS = aS * ( x -endt ) + bS;
Plot(IIf(x>startt-10,trendlineS,-1e10),"Support",colorYellow,1);
pR = PeakBars( s11, per, 1 ) == 0;
endt1= LastValue(ValueWhen( pR, x, 1 ));
startt1=LastValue(ValueWhen( pR, x, 2 ));
firstt1=LastValue(ValueWhen( pR, x, 3 ));
dtR =endt1-startt1;
endR = LastValue(ValueWhen( pR, s11, 1 ) );
startR = LastValue( ValueWhen( pR, s11, 2 ));
aR = (endR-startR)/dtR;
bR = endR;
trendlineR = aR * ( x -endt1 ) + bR;
Plot(IIf(x>startT1-10,trendlineR,-1e10),"Resistance",colorYellow,1);
give a better short term idea : An almost parallel ASCENDING channel
with lower limit at 47. The support line is increasing by 0.9/bar,
tomorrow it will be 47.92. If you RevEng it you will have tomorrows
support at 10,946.
But, this RSIc channel is very short term and it is quite sensitive.
[I will improve this code to give directly the expected Close range ]
Dimitris
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> I guess nobody over here pays attention to the CME ^225 futures.
>
> At least a lot of nobodies . . . but I do.
>
> Despite the pathetic close in Chicago, the bulls came snorting out
of
> the gate here, and they ran the futures to 11,250 in no short order.
> It was your "last chance" to buy. ^^_^^ But, about 9:45, the
market
> reversed and we were quickly down to 11,140. No huge surprise to
> those who were paying full attention.
>
> Amazingly, sentiment is so one-way here right now that this first
> plunge apparently didn't scare anyone. Okay, so the first plunge
> *always* gets a bit of a bounce. But in the PM session, we waited at
> 11,170 . . . no buyers. We waited at 11,130 . . . no buyers. We
> waited at 11,000 . . . no buyers.
>
> So, we have technical damage here, for sure. DT, I am still sure
you
> are wrong about 10,900 being resistance. Clearly, the level is
> higher. But, we apparently need to test something lower before we
> can go higher, which does not surprise me at all. One-way sentiment
> is a killer. So, the question is . . . where is the support line?
> Could it be 10,900?
>
> I don't know where we will close (in 20 min.) but it won't be where
> the morning traders will be happy.
>
> (It was a great morning to liquidate into strength.) ^_^
>
> Yuki
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