I don't think resistance is going to hold. Under normal circumstances, you could look at 850 like that. But these are far from normal times. Old saying is that the bears have Thanksgiving, but the bulls have Christmas. So, we may see some consolidation next week, but I think December sees us go through 850 like it wasn't there.
Oh, did you say an hour? So far, Fridays zoom went right to resistance. Resistance held for test #1. Steve
What was interesting to me was gold's move up to 800. If the market moved up so sharply, and gold was playing "safe haven" we'd have seen a down move. However, if the market moved up, and the deflationary argument is losing weight and inflation is gaining weight, we'd see what we saw in gold. But we didn't see it in silver.
This not meant as fascicious (sic) or a joke - how can one do TA when one cannot factor in the workings of the PPT? To me there is no doubt the PPT is playing these days...what can one do to calculate and forecast their actions? If you do not think the PPT is playing, please move on to another post. Thanks! -gastropod
I think the PPT is real, but to me, it doesn't really matter "why" the market gets bought or sold or "who" is doing it - but, when I'm on the wrong side, I am always in a hurry to just get the hell out completely until the frenzy subsides. T/A is just a tool for entries and exits, and lines on a chart are, well, only lines on a chart and bear market rallies are always extreme - a sure sign that we are still in a bear market. Steve
When the SP500 gained 50 points from 100 to 150 in the 80s you think that carries the same 'weight' as the 50 point gain from 1500 to 1550 in 2000? Not using a log chart distorts the picture on a financial time series.