When the market closes above the red line 927 level... then things get really interesting.. Further.. if the market closes above 940... technically the downtrend is over. This doesnt mean the bull market is born and we rally a thousand points... just means we might stop going down for a while.. maybe even sideways for a very long time.. and traders should reasses their long term bias. Isn't it amazing how simplicity rules.
Check this chart out... another simple yet powerfull chart... Who says trading needs to be so difficult? lol
Some of the best traders in the world.. use the most simplest techniques to make $. Contrary to popular belief... making $ is not about divergences, oscillators... nor esoteric science. I just am amazed of the crap I read on ET. In my opinion trading the trend is what the game is all about.. Find those trendy markets.. buy/short the pullbacks/pops... and use a good exit to ride as much as you can. Most important thing is to find a really nice wave and ride her as far as she lets you. ---MIKE
i agree.... but it's founds kinda funny to hear it from a guy who's name is TrendFADER mike, although i wouldn't mind being wrong about this at all, i'll bet you a big steak dinner we finish the year lower on the 500. how about it?
i'll take that bet, dan. $150 gift certificate to the winners favorite steak house. the sp 500 will close higher on the year. best, surfer
my current opinion is the major indexes will be net sideways for a couple of years, but there will be plenty of multi-month trends to ride. Swing traders will make money.
... <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=226493"></img> can someone identify this chart? ******** (...this market's worth at least a thousand words....:eek: )