for all you bears...

Discussion in 'Technical Analysis' started by gharghur2, Oct 9, 2005.

  1. If the market is going to break, here are some key levels to watch in the laggard DOW. It will faulter before the other indices:
  2. I can see a triple top between friday noon and todays' open.
    Already took out friday's low this morning.
    Expect thursday's lows are next on the agenda.
  3. And you're still long, right?
  4. Sold my QQQQ's early last week around NAZ 2130

    Still bullish yes ... looking for the bottom
  5. Make that a quadruple top @ 2093 COMPX, which happens to be one of Mike's pivot points.
  6. =============
    DOW/DIA do look bearish, have been lagging for some time;
    Art Cashin said somthing about maybe DOW 10,ooo[DIA 100]

    Actually much of market looks short term bearish;
    tek however maybe close to seasonal uptrends,
    energy sector ,especially oil/gas still looks technicaly strong.

    Interesting Cramer even suggested the nearest energy move maybe down ,after hours comment today & even if right;
    technicaly ,teck stock leaders,
    & oil gas sector are notably stronger than DOW.

  7. Yes, Tech is the Nasdaq ... and it's been strong throughout

    That's why it appears to me like an ongoing 0.618% retracement (from April lows) in the Dow and S&Ps, but only a 0.50% retracement in the Naz. Posted these numbers on another thread:
  8. We're very close to a bottom here: the selling has become fragmented, EOD target levels have been met and some intraday levels are very close to being met as well. So I did some buying into the close, and plan on adding to my QQQQ position, with the weakness expected, tomorrow.
  9. Relative volatility has reached very bullish levels:
  10. RSI as oversold as it gets since 2002:
    #10     Oct 12, 2005