|
PureBytes Links
Trading Reference Links
|
profitok,
Looking back at what you wrote, the S&P did make a higher high. I
too
have been surprised by the strength of the market. At that time I
was
also thinking we are due for a retracement. Instead we made a new
high,
at another Fib level.
Now at last we have a retracement from that high, the retracement from
Nov 6
to Nov 13. And then a rally for a few days after that.
Once again I am expecting a lower low to be made, taking out the low of
11/13. I'm expecting SPX to roll over somewhere between now and the
region
of the high of 11/6.. But until I have a turn on the weekly
Stochastic, the
bulls have control, so I must wait for a while longer... Perhaps the
bulls are
strong enough to push beyond recent highs?
My daily charts show SPX ready to roll over. My weekly charts show
SPX still strong enough to rally, though quite overbought. We are
at
a time of potential transition, where the daily direction can cause
the
weekly to follow. The longer this takes, the more likely sellers
will
dominate.. The recent swing low marked the second time we tested
Fib support (the prior was late October), not a good sign for a
rally.
If the daily MACD fast line stays below the slow, we could
have a bear-party on the way. The weekly MACD shows the
opposite.
In summary, I'm a bear right now. But I'm ready to be surprised, to trade
what the
market does at the Fib levels, working not to be too rigid about my
expectation...
I've learned that lesson a few times! :-)
-Neal.
At 11:34 PM 10/30/2002 -0500, you wrote:
we Failed today to
come back above previous highs,,
and we did take out last week lows yesterday,,
I suspect sp is dead in the water and will not make a higher
high,,
the NASDAQ is a DIFFERENT story,,
it Will make a higher high and fail (not tomorrow)
----- Original Message -----
From: delta88343@xxxxxxx
To:
realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, October 30, 2002 9:19 PM
Subject: [RT] SP 10-30
The market seems to be having some difficulty moving down to the next projected low at this time...though it's not due for another full week plus.
If the most recent medium term low (larger circle) actually did hit on the left side of its point date, this will be a sign of strength. Unless some outside force is really exerted on this market, I don't see it dropping at this time in the vicinity of the mid October low.
We may be seeing a simple and weak "reaction" to the pending intermediate term low, especially if the medium term low was made-early mid Oct. then a continuation of the move to the next intermediate and medium term highs projected end of Nov.
However, there is still plenty of time for this market to roll to some degree to the downside.
Anyone else have an opinion of what is happening?
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Yahoo! Groups Sponsor
ADVERTISEMENT
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Yahoo! Groups Sponsor
<font face=arial
size=-2>ADVERTISEMENT<img src="http://ad.doubleclick.net/ad/N879.ameritrade.yahoo/B1054521.11;sz=300x250;adc=ZHS;ord=1037550765?"; alt="" width="300" height="250"
border="0">
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Attachment:
Description: ""
|