Thread: tsptalk's Market Talk

Old resistance line now support? It is declining, but for today, that's a key support level.

Well Tom - Like I said, I hope yesterday's posting of my observations/signals were wrong of a wash, rinse and repeat. My conservative investing style often puts me at odds with the conventional wisdom so I am used to being a turtle when it comes to returns.

Originally Posted by OBXTrader

I bought into market (and TSP L Income) last Thurs only to eject on Friday based on my system signals. Glad I did. Yesterday looked like last Thursday to me, hopefully today is not a repeat of last Friday. Not a good pattern but an afternoon rally will put it to rest. I don't mind being wrong since it's not costing me money right now and hope I am. Safe trading to all!

Not too much of a surprise that the 50-day EMA and SMA are providing some resistance here after a big rally. It has so far found support at the old descending resistance line, but that open gap on the SPY surely beckoning. Can it resist the temptation to fill it? The bears should try to make another move to take it lower before the close. We'll see what they've got.

200-day EMA being tested now...

Looks like it's bouncing off on the 1st try. How many more attempts will it make?

Some weakness in Europe and Asia last night, except China was up again. Europe's markets are open for a couple more hours...

The Transports are lagging after hitting resistance...

The dollar may be breaking down, or just trying to fill that open gap from "black monday."

The Transports are in an interesting situation. A bull flag, which tends to break to the upside, is running into strong resistance...

So far today's action is repeating Monday's. There was a low in the S&P futures at 8:30 AM CT, and another just after noon CT.

15 minute chart...

There is a heavy weight battle going on in the Transports between the 50 and 200-day EMAs.