Speaking of gaps, we are having our 2nd giant gap in a row, so at one point tomorrow (or tonight) we should touch 1015, according to my 2nd gap rule...
M-Day boys pulled off the biggest one day gain in US Stock Market History I wonder how many trading careers ended since the 835 low? anyone keeping stats?
Given this chart here, what is your strategy? (At least you might want to rethink your current trading plan.)
guys, I am so glad we are out of that Gutter. feels good to be in a Bull Market once again. and look!T-Day boys have the futs up 21 as I type.....despite yesterday's huge gains.
dont get too carried away guys. volume is low, earning season starting, options expiration week, whipsaw wed incoming.
Part-nationalisation of Wall Street, interesting times now wouldn't you agree, would never have thought this would happen in the US of all the places, I guess never say never. What is interesting that all of this has coincided with S&P500 making a double top, which is the most basic TA LOL....NOT!!! I guess
With 14 and 23 points drops in between. We almost closed the gap overnight.I still expect a bounce back from the SMA on the daily.... Chances are we will put a 2nd bottom in before this selloff is over....
What I find amazing is that the current DT that firstly registered in March 2000 & now in October 2008 has created a secondary sell-off at almost the same valuation of the index, though reasons behind those sell-offs are two different ones. So what does it say about FA vs TA? LOL
We were falling down in multilayer channel during more than 2 weeks. I tried construct up channel on same principes. It is very steep so we can not stay there more than few days. If it will work we can do down but just a bit bellow 1000. Todays 974 pivot looks hardly possible, but may be this is the last point where we can go down without breaking up channel. Oh, and 20 day SMA on daily that we should touch before down swing is somewhere above 1100 but it is trending down. On same place is trend line violated on SPY during last week, this line was last support since august 2007. I expect strong resistance there. If can we this break ... And one last note. Spy ended yesterday exactly on decades long trendlide that we violated past week. Ok, this trendline is possible picture everybody differently but it ended exactly on mine.