the bigger picture.. during a macro cyclical downturn, price tends to test the upper borders of trendlines off the peaks and violates, generating a massive stop run, then price breaks down further below the larger support, eventually the slopes of the trendlines flatten out more then the initial slopes, when a cyclical macro upturn starts, market mavens are predicting 2009 to be the upturn.
Probably no size until next week. If the current uptrend lasts as long as the last downtrend, the new downtrend should begin around 9/11 (May 19 down to July 15 up to September 11). Not that I would place a lot of faith in that. Looking for strength in which to sell--1320 would be nice. I didn't quite get 1320 by Labor Day, but a few days late would still work, for a position trade.
i'm not sure if you were talking about now spec,but this last rally is flattening out, or a rolling top,and the wild swings usually preced a trend change,.im still using 1/02/37 high of 18.70 and 7/01/87 hi of 337.88 as trendline for 1134 support,i don't think we have to wait til october for a selloff,thats 135-40 points from here,the last rally was 1200-1313,113 points . i'ld throw up a chart but i'm not that savy
Anyone that got long at the open today (right into heavy resistance) when it was blue skies and sunny got their asses handed to them, thats for sure. These same traders are probably going to be the ones positioning short right now when things look down-right ugly. Not saying we tear-up from here, but a bounce is due. This charts for Spooz... some "coast to coast" action on the NQ
tommy,in market profile,if the chart is shaped like the letter p,it's bullish for the next day,today's bond chart in mp is shaped like a p,for spu's to rally ,the bonds need to sell off,could be the reverse,on a monthly starting with july,the bottom trendline supp is 1285,we broke and closed below it,granted it's only the 1st trading day of the month.
The only ANYONE who got their ass handed to them from going long were those more interested in being right than trading what the market was doling out. Other ANYONEs who lost, were those that for whatever reason "missed" an exceptional trading day, complete with gaps, gap-fills, multi-day highs, multi-day lows, IRS agents and paramedics. Osorico