12,500 was strong support

Discussion in 'Trading' started by Warrior4g, Jan 15, 2008.

  1. we will open below that tomorrow morning and its going to be ugly. i know everyone has been calling a crash for a while but the economy is extremely weak and we can be down over 400 points tomorrow. if wew get a bad cpi number tomorrow,its going to be so damn ugly.
     
  2. Key word "was".

    If we fall 500+ points tomorrow and break 12,000 run for the hills.
     
  3. toc

    toc

    what happens if markets break 11000, then seek a chance to buy!
     
  4. i don't get this TA philosophy that if we break a level then it automatically implies that we go lower...i understand the principal behind it, but i have also witnessed that it scarcely works. how many times do we cross above and below a level a dozen times? the market won't go down a bunch simply because it has crossed a magic number. what a bunch of mumbo jumbo.
     
  5. it goes back to basic trend T/A - usually more winners than loosers (getting chopped around a lot), but when you hit a trend, you really hit it and make your profits.
     
  6. when we talk of strong technical levels,we mean breaks below on a closing basis with volume.
     
  7. We broke it a few seconds before close with high volume. Bounced back over 12,500 in the last second.
     
  8. I have the 1324 SPX level as a downward target for this current sequence. If the market is able to hold that level, a major low will have been made and be the basis for a move up to the 1647 level by mid-December.

    Holding 1324 SPX will have terminated the corrective phase that this market has been in since making the initial peak just a touch above 1550 in early June of last year.
     
  9. Because your analysis hasn't yet accounted for the headfakes & robot programs on these levels. Keep learning.
     
  10. ssblack

    ssblack

    I like, and agree, with this analysis, based on my own of the JPY FX pairs.
     
    #10     Jan 15, 2008