Since this is the S/R journal this is really interesting. We are approaching all time resisitence for the DOW. I have no idea if it will move on up but dont you think they will almost certainly take out the high at least temporarily?
http://www.charthub.com/images/2006/09/26/ES_317_VB_28.png Holding some 1346.75's.....some 1345.00's......and some 1344.50's. About 1345.75 has me at B/E for the whole position as one cost basis. That was a really good day.......opening bracket trade and a ton of position trades (about three times my normal). Have a really good night all! I have my market delta class tonight with Trevor....I think we will be able to record it.
Me personally...I don't think it will. I think it's a fall down from here. The S&P MidCap400 and Russell2000 didn't come to their highs from a couple days ago, showing weakness there, and the number of advancing issues wasn't as strong as it couldve been. I think today was a blow off day perhaps, and we're in for a little truck downwards. Having a resistance level as important as this is would take quite a bit of conviction to get through, and we were seeing that stronger a few days back when we were testing these highs than we did today. Thats my 2 cents....
Hey Guys, Yesterday I posted a comment that I thought was supposed to be funny but while doing so I did not think that I would be hurting somebody's feelings. I apparently did just that so since I publicly posted that I believe it is only right for me to publicly apologize as well. Princessa, I honestly did not intend that post to be hurtful to you in any way and for doing so, I am sorry if I hurt you it was not my intention at all. I could try to explain my actions but would probably dig the hole deeper for myself. So all I can say is that I am sorry to you do posting that remark. Sincerely, Gary
Before I post my numbers I need to explain how and why I came up with this. I am not trying to predict the market or say how high it will go. I do have it charted where it COULD go up to 1390. I don't know if it will but I do see some promise with the BB's on a 1 year chart of the S&P index. The first 2 charts are of the S&P index which happens to be about 10 points beneath the emini. By tracking it and charting it then adding 10 points I come up with these figures. Next major resistance comes from Feb 2001 and it is at 1380 for the S&P and 1390 for the emini. Then I have a 1 year chart showing a bullish wedge, we just popped out to the upside on it today. So take a look at these 2 charts first then at my numbers. Gary
Gary, I'm kinda' with ya' on the short positions. There is a certain amout of subjectivity in picking these S/R levels, at least in my opinion. I guess that's the nature of the beast and why some will win and some will lose. Lets hope for strong enough moves so we all can make some money. I'm happy to hear about your business venture going so well. Good luck with that.