10:06 Bar overlapping is telling me that sellers are having a harder time taking prices away from this range. :07 SL Fanned (steeper) :10 SL broken :14 Waiting for a RET, but this is tricky as we are now within the TR we were trying to avoid at the open
Exactly. If professionals can't decide where they want to go, how is the amateur supposed to know. Both a short and a long would have been stopped out, so just breathe deeply and sit on your hands.
:23 At the top of the range :29 no buying interest at the top. Perhaps a REV is on the way. :31 DL fanned, but this si not going anywhere.
10:37 Waiting for the RET, looks like it is forming now. :41 This area is turning into a TR a small one, but a TR nonetheless. 33 to 36 :46 Yep buyers at 33. I am done for the day. Take care everyone .
I have to leave for awhile soon too. That big rush to the top, and then sideways. Interesting behavior.
It pays to consult a weekly chart now and then. I've drawn this chart -- the LT chart from '09 -- several times, so there's no need to draw it again. Anybody who's interested can draw his own. But the break through 3252 in the middle of October looks to be a bit "exuberant" (remember that?), and it changes the arc to something unsustainable. This doesn't mean that longs should be avoided (look at yesterday), but the air is getting a bit thin, and one should pack oxygen as he plows ahead. It's all about demand and supply.
Although it is recognizable now that the long was the way to go, it was harder to find good entries, as opposed to a few weeks ago when we were able to "feel" buyers interest. I think that the fact that buyers are having a hard time getting higher in the intraday is a sign of weakness to come as well. Although the Irrationality of the exuberance can never be underestimated, so "Sellers Beware".