Ah, ok, I see what you're saying! I just never used the "X" vs S&P so I have no clue on the reliability. See, from my perspective, I'm taking a "wait and see" position while watching to see if that 858 area has a confirmed break above, or, to see if it holds as resistance - which is what I expect..........but always watching for the surprise. <b>IF</b> we test the lows, I would expect a failure and break lower - mainly because the trend rules. In a downtrend, supports are expected to fail...........if wrong, I'll know pretty quick. Steve
best thread on here. Sold big stake in sds Fri. Shorts are def. covering imo. went long sso w/ a stop under last low. stochastic on daily chart crossed, ADI directional pointed up and a couple other indicators. Risky to be long but just took a small position. obama week and hope are powerful market movers. We shall see. Compare spy bottom last tech bubble-9/11 and this last recent bottom. Amazing similarities. If you agree then its time for a week bounce or so.
Cool! You may be right - either way, it sure seems like you'll know one way or the other pretty quick - and you already know your exit - and THAT'S pretty much what I'm getting at with this thread.........we are at a line in the sand! Then all we need to worry about is a fake out move lol. Anyway, below is the exact same chart that I posted to start this thread, except this time I flipped it upside down. :eek: Steve
Thanks guys, you made some great TA points and I'll be watching those S&P levels. From a Fundamental view I wonder.. Is this week's Obama factor 'priced in' already? We've known about it for over 2 months. The S&P sank 25% in only 12 days immediately after the election. Or will the combination of the Martin Luther King Jr. celebration followed by the actual visual image of an African-American becoming president provide not priced in optimism? Is there a history of market upswings when a new president takes office?
I only recall last years MLK holiday. IIRC, that was when the futures were "lock limit down" - or down by 70 points or so thanks to some "rogue trader" in France - - -then the fed did a surprise .75 rate cut. First the bulls were wiped out, then the bears got their heads handed to them. Steve