Comments about Friday and today: Prior to Friday's open I stated which were the relevant prices, which you see on the chart. And, as you can see, my two nearby prices were not ony hit, they, as I've stated in previous threads, once they're reached, can become their own P/R levels. Also, the next up target was validated at the end of the day. I stated in the other forum thread, prior to it occurring, that the opening range looked mediocre, and in the case of this market, that's not bad. Consequently, I stated that, should the market sell down to the cash 1205.55 level, that that looked like a good pickup and if so to look for the first up target to be reached, which it promptly did. Please appreciate that this is all an experiment for me personally. I've been doing this for over 30 years and in many different capacities, from small private firm relationships to major institutions, and now I'm kind of going to a different phase of life, never quitting but wanting to diversify my personal interests a bit more. This seems to be a great conduit, as Elite Trader seems to have a very wide spread of talent and experience. Most seem to be individuals aspiring to be traders, and others who have been and are very successful. I haven't decided entirely what I'm going to do with this. All I do know is that I love both the trading and general investment business; it's the only thing in which I've ever been involved professionally. I want to be able to be an assist. I've created a website in which I'm in the process of inviting people from Elite Trader to join at any time during the day for live discussion on GotoMeeting at no charge to them. It will be a paid site for other subscribers, but not for Elite Trader members, since, as I mentioned, this is still in the experimental stage for me. Obviously, Iâm not on it at this very moment, as Iâm creating this thread. Also, Iâm still working on some technical details today. I've been in this business way too long to waste either my time or anyone else's. If I continue doing this on Elite Trader, it will be for two reasons: Assist learning and to give reliable information...and to give it ahead of time. If Iâm off the mark from time to time, so be it; thatâs trading.
I have a separate study which gives me an overall valuation level of the market as a whole. We've crept up just above 1 standard deviation, so there is the potential for the beginning of a nearby (this week) moderate correction. For now, I've attached the prior pic, expaded a little to see it easier, and I've reinstated my next lower level price target of 1208.58 cash just for today. The market is still behaving at this moment, so I'm not expecting a change of direction, but thought I'd at least put it back on the board so you're aware of it.