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--- In realtraders@xxxx, "Earl Adamy" <eadamy@xxxx> wrote:
> I consider the weekly and daily trend to be down in all markets,
however the
Its certainly hard not to have any other conclusion, after all, there
hasn't been a single "up" bar on the weekly charts of NDX/COMPX in 8
weeks and not on the SPX in 7.
http://ottographs.com/charts/2001-03/23/MW-14.gif
(didn't snap this at the close but the chart would not fundamentally
change)
Having said that, the Nasdaq is in an upswing now on the daily charts.
It seems likely that both Nasdaq and SPX will have some trouble
approaching the underside of the previous range (marked in green in
both).
Given the directionality of the weekly trend, the odds of a
resumption in the downtrend on the daily would seem to be high, Since
most people will be looking for price to move up to resistance,
perhaps the diabolical outcome will be a failure in the move up long
before then.
Certainly when trading long against the weekly trend, it will make
sense to take profit frequently ;)
Michael
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