Charting: Getting Testy
by
, 02-26-2015 at 08:44 PM (1968 Views)
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Good evening
Trading day 19, the last day of February, and the stats aren't great (but not horrible)
- SPX, 50% winning ratio with -.20% average returns
- R2K, 40% winning ratio with -.28% average returns
- AGG, 64% winning ratio with .08% average returns
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AGG, 30-min
- Traveling up, price was rejected at 50% of the AB wave at C (typical)
- The blue box is an area with key price levels for both buyers & sellers
- Look for a bounce within the yellow circle (an area with a rising trendline at 25% of the AB wave
- Past 8 days has seen a great deal of volatility, several large price swings, if equities drop, then I expect to fill the 111.58 gap quickly
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SPX, 30-min
- Prices held up well today, 2103 is an area of interest for me
- If the 1-3 trendline gets breached, I'll look for a test of 2096
- If 2096 gets breached, I'll look for a test of the 2-4 trendline, somewhere in the 2070 area
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W4500, 30-min
- Prices held up well today, 1094 is an area of interest for me
- If 1094 gets breached, I'll look for a test of 1088, then 1077
- Within the yellow box, Impressive consolidation of the MACD
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Transports, 30-min
- Weakest of the major indexes I track
- The once awesome 5-6 trendline has been breached for a 2nd time
- The 3-4 trendline has been breached (look for a rejection of this line on the way back up)
- Today, we tested the 1-2 trendline and it held, will it hold tomorrow?
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NASDAQ 100, 30-min
- Strongest of the indexes I track (love the tight consolidation)
- Today, we tested the 3-4 trendline and it held, will it hold tomorrow?
- If the 3-4 trendline gets breached, then I'd like to see a test of the 1-2 trendline
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Looking for character changes, I tend to watch the futures throughout the evening and all the way up till the open, the past 3 days have shown some subtle changes. While the month of February was relatively stable, I wouldn't be surprised to see some induced volatility as we head into the 1st week of March.
Take care…Jason