Thread: Bquat's Account Talk

S&P 1320 should be a support area and we should see a turn up there.
I was suprised we didn't stop or hessitate on 1327. Maybe there's more volatility for options week causing larger swings. But over all were still in a bullish trend and the dips still should be bought.

Originally Posted by Bquat

S&P 1320 should be a support area and we should see a turn up there.
I was suprised we didn't stop or hessitate on 1327. Maybe there's more volatility for options week causing larger swings. But over all were still in a bullish trend and the dips still should be bought.

I did start typing this before I saw the bounce. Trust me.
I just use two fingers to type and they were crossed so it take a while.

Well mad it back above 1327. Bears did not take control. Still building a high base near the 1330 area. A down day tomorrow of 1% could confirm a down trend beginning. Small loss with a drift up whould be a bullish flag.

I think getting back to 1327 is bullish and were just having a little trouble breaking and staying above the strong resistance of 1330. Another day of consolidation and we rise again.

If you are right I'll be deep in the pansy park surrounded by lovely flowers.

I did not see 1337 as a resistance point.

But it looks like 1330 may be support.

It also can be a little bear flag with a continued sell as people take profit.

Well today 1337 proved it self to be a reisitance point and 1330 was tested and held as support.

I don't know how the market seams to hit the support level and just drift slowly back up to the resistance level by the end of the day. I've seen this several times now. I'm not talking about getting bullish after the bounce and retesting the resistance and stoping. Maybe this is how QE2 is working. They figure how much is needed to get back up and slowly put it in to meet the resistance point at 4 PM. What do you guys think?

Well no matter what it still the same pattern of meeting resistance consolidate and go up again.

Now 1385 and 1400 are going to be very strong resistance levels. People's fixaction on even levels will make 1400 hard like 1200 and 1300 before it. 1385 to 1400 was the lower high in April 2008 before the bottom fell out of the market. That's why there is such a gloom and doom about reaching this area and failing and having a big correction.

If you redraw the SPX chart over the period of Jan 1997 to today, you might see a MA pattern. In a MA pattern there's a 95% chance that the S&P may drop to the bottom of the M (900). I don't know if the pattern will work over this long of time period. Might have to ask JTH about this one. It may even be a failed pattern from June of 2010. Maybe Quantative Easing help to break the pattern and kept us in a bullish pattern. Ok that's the worst case senario.

QE2 is working and the market is still slightly bullish and this is just my thoughts.

Ok I might have the chart?

Red line bottom of M. Blue line is where it might have failed.

Today was just a low volume drift up with 1330 as support again. The slow upward drift still went through 1337 pretty much like it didn't matter.
Short outlook still bullish.

Seems like were waiting for negative news to increase volume in this market. Maybe even the bears have given up on fighting the Fed and are sitting on the sidelines to short this market on any bad news.

I guess I'm just gloomy today. I just don't feel right.

Good luck Birch.

I go watch videos yes? Get over this I will?

The question is?

Wow this is a change. The market going up at a good pace on Friday, not just a drift up with a little more buying at the end of the day. Is this capituation on the bears behalf or may this be a market exhausion move?

Can this be the afterburners Birch talks about? Sure looks like some buying programs are kicking in today. Is this a bull trap to pull in little buyers before the correction?

Same channel, same station, holy cow Batman.

Ok back to reality. A good jump in the market can trigger profit taking or jump us up over a resistance level but I don't see one until 1385. So what's happening here? If I knew, I would be a trader and what do I know.

That what's good about this board, everybody has an opinion in is willing to share it to help each other out. You must keep emotions out of the market. But my spidey sense is felling a little bearish even with this move up.

I wouldn't be surprised to see a strong sell off before closing bell. Profit taking before the last week of February and the holiday.