same as everyone seems to know the direction the market is heading next . i need to buy there crystal ball
Opinions are useless, just trade what the screen projects to your brain cells and let youn intuition and trading skills do the rest. Mondays are certain to either go up or down. With that in mind why complicate the task at hand?
Last week was choppy, Russell did not put in a new high, we will start digesting earnings, and it will take shape in the next couple of weeks. We rallied into earnings, so becareful, any good news is already in.
Well, isn't GOOG reporting this week? Like them or hate them, but they definitely have enough "OOOMPH" to move the market. At least temporarily...
There is definately a classic triple top on the S&P500. The Nasdaq has broken support. The support will now become resistance. The strongest of the three sisters is the DJIA which is starting to have a cough, but is still healthy. http://stockcharts.com/education/ChartAnalysis/tripleTop.html http://www.recognia.com/reference/patterndescr_tt.htm How can I trade this pattern? Begin by calculating the target price - the minimum expected price move. The triple top is measured in a way similar to that for the head and shoulders top. Calculate the height of the pattern by subtracting the lowest low from the highest high in the formation. Then, subtract the height from the lowest low. In other words, an investor can expect the price to move downwards at least the distance from the breakout point less the height of the pattern. For example, assume the lowest low of the triple top is 170 and the highest high is 220. The height of the pattern equals 50 (220 - 170 = 50). The minimum target price is 120 (170 - 50 = 120). Bulkowski calculates that the measure rule is not completely reliable for the triple top, estimating that nearly 50% of all triple tops will fall short of their minimum target price.9 Edwards and Magee warn that true triple tops are few and far between. So, it makes sense to be cautious when assessing what might initially look like a developing triple top. 10 According to Edwards and Magee, an investor should never "jump the gun" with a triple top.11 If the triple top is not completed by breaking through the confirmation point, experts advise caution. The pattern can fail to complete and just as easily recommence an upwards trend. However, Edwards and Magee also explain that if the pattern has been confirmed by a valid breakout, then the pattern seldom fails. "Stick to the breakout rule," they advise, "and you will be safe."12 Rallies are common with triple tops. An investor can trade that return move to his or her advantage. According to Bulkowski, if an investor misses the breakout, there's still time to place or add to a short position when prices resume their rally towards the former breakdown level. In this case it would have been 170. 13
1440-1403=about 37 target price for S&P=1366 Completion of triple top pattern commences when support is breached at 1403.
Nasdaq Comp Target Price using above calculation= 2272 200 day moving average=2269 Point and figure chart=2360
seems wants some east recovering maybe 1407 to 1440 this week startup but seems bearish after mid week