Nice! Didn't notice... was watching the hurricane breakup Let's see what the last hour brings, if anything
Tony, The 15 minutes SPX chart looks like a Wave 1 from yesterday followed by an A-B-C into this mornings low retracement. Then, a smaller 1-2-3 today . . . and now in a 4 here heading into the final hour of the session. If we totally crap out in the last 30 minutes, then I will have to concede yet another A-B-C corrective sequence.
Also broke to the upside of yesterday's Value Area (Price Range of 70% of Yesterday's Volume). Typically bullish. Charles
Mike, I can see your 1234 pattern off the lows, even in the compx. Just feel this was another lackluster close, like yesterday, but this time it finished mixed: tried to rally the indu in the last two minutes, but it closed negative. After a 3-day 2 1/2% decline in all three indices, into new lows, we get a lame 2-day bounce. Think we'll be down on monday.
i don't follow the compx but i have recalled your post because i was just looking at the daily dow, and even though i don't trade off daily charts, i like to look at them, and it has occurred to me that this may be indeed an interesting chart point here, i.e. test of this year's uptrend line - i am not an expert on technical analysis, i just draw trend lines on these longer term charts the way i "see" them.
also note how nicely perched we are here bang in the middle of this 1000+pts 2-year range - try and make any directional calls from here...
It is interesting how the market will key off of this range from time to time. I made a snap shot on 9/20/05 after the FOMC announcement. Look how the market traded down to the lower range of the Value Area, then tested the upper range, and then broke through the lower range to end-up at the lower end of the day's Average True Range (ATR). You can find more about it in "Mind Over Markets" by James Dalton. Charles