i might be new to tech analysis but today

Discussion in 'Trading' started by indioo, Jul 1, 2003.

  1. indioo


    marks another run for the bulls in the short term.

    from a sell-off to closing highs of the day looks extremely bullish. We got our lil pullback in the dow and we should atleast test the 9350 level again shortly.

    tell me im wrong
  2. dbphoenix


    You're not necessarily wrong, but "right" and "wrong" are hard to pin down when it comes to price action.

    Right now you're at the crux of two opposing trendlines. The direction of the break, however, may not say much since there are both support and resistance nearby, a situation made to order for daytraders.

    The best clues, of course, will be found in the underlying stocks. Monitor those charts along with the Dow and you'll be in a better position than most to detect most probable direction.

    It's also worth noting that the rise after the break in the afternoon was very rapid, suggesting that there was at least some stop-running in addition to plain old short-covering. Therefore, the bulls may not so much have been in charge as they were benefitting from the panic buying.
  3. OK... you are wrong...


    Let's just react to the market...

    If tomorrow seems bullish or your methodology suggests a buy... then Buy...

    Vice Versa...
  4. We are all

    Masters of the last tick

    'Tis the next tick

    That humbles