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Thought this 30 minute June SP might be of interest to the list because
it illustrates a number of trading aids. The wide magenta line marks the
25% retracement level which makes the bull flag pattern Dennis pointed
out extremely bullish. Just under the magenta line is a cyan line which
marks the bottom of a gap - very critical support. The yellow lines show
the range of the first hour of trading - a breakout from the first hour
often sets the trend for the day. Just above the magenta line are a pair
of cyan lines beginning on Monday delineating Monday's inside day and
beginning on Tuesday a single cyan line delineating Tuesday's high.
Also, we have a double bottom (1457.50) in the 30 minute. Finally, On
Balance Volume (based on ticks not actual volume because this is a
future) shows consistent accumulation all day today. Altogether a very
bullish picture. We are long the initial position with stop under gap
support and looking to add more. If the 1489 (June) high is taken out,
the 62% bull flag projection runs to 1528.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 07, 2000 7:51 AM
Subject: [RT] Re: S&P chart
> Rechecking my SP chart this morning, I see that the time correction is
> projected to Wednesday morning, not Thursday. The 25% retracement has
> contained the decline nicely and my NYSE model remains bullish - am
> looking to trade the long side this morning with small position near
> low, will add if upmove is confirmed above 1470.
>
> Earl
>
> ----- Original Message -----
> From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Tuesday, June 06, 2000 9:37 AM
> Subject: [RT] Re: S&P chart
>
>
> > I had noticed flag (and gap support) on the SP hourly yesterday
> evening
> > but my time projections suggest that a correction of the strong
rally
> > should require the same amount of time as the rally itself which
would
> > take it to early Thursday. My biggest trading problem is entering
> before
> > corrections are complete so I'm trying to use some patience. The
flag
> > looks very good on the hourly, holding nicely above the 25%
> retracement
> > at 1460 (1373.50 - 1489) and OBV is rising strongly.
> >
> > Earl
> >
> > ----- Original Message -----
> > From: "Dennis Holverstott" <dennis@xxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Tuesday, June 06, 2000 8:32 AM
> > Subject: [RT] S&P chart
> >
> >
> > > I'm surprised that none of the chartists have commented on the
S&P.
> > > Things that stand out to me on the 30-min are the classic head and
> > > shoulders, a gap that needs to be filled, and a bull flag. Earl?
> > >
> > > --
> > > Dennis
> >
> >
>
> ----------------------------------------------------------------------
> --
> > --------
> >
> >
> >
>
>
>
Attachment Converted: "f:\eudora\attach\SP302.gif"
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