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Not only is the MOB (Make or Break support) holding on the NASDAQ as
previously posted, so is the MOB on the daily SP01H. A regression channel
buy could be triggered today (closed outside the channels yesterday)
possibly if yesterdays high is taken out and a 6/4 ma channel setup bar
could also materialize today if we close above 1263.63 as shown on the
attached gif.
So an important next few days perhaps. Personally I would prefer no signal
and a test of the lows again on the NASDAQ, breaking them (and head to the
MOB it has stopped short of), and for the S&P for it to simply test its lows
(build the right shoulder discussed below). Ahh .... but perfect setups
rarely happen when everyone is looking for them?
On the 60min chart (not attached) can the inverse H &S experts comment on
the potential for this pattern (needs to develop a right shoulder yet,
filling the gap perhaps). Is the gap in the "potential right shoulder a
problem at all with the pattern (should it unfold).
don ewers
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Description: "RX01Hday030601.gif"
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