Thread: Bquat's Account Talk

Originally Posted by Bquat

Well maybe now we go up.

Just trying to get bullish here. If 1300 acts as resistance we'll have another lower high and another lower low. This is a good level to watch. It can have a strong effect on tomorrows market.

Well 1300 was broken yesterday and I see that we went up. So the bottom of the bullish channel held just like in Novenber and we can get even higher highs maybe 1385, 1400 or maybe more as we go back to the top of the channel.

Resistance at:
1318
1330
1332
1343
1385
1400 top?
1418
1455
1500

Further down the road 1700 might be a close for 2011 but is still not the top.

Originally Posted by Bquat

Resistance at:
1318
1330
1332
1343
1385
1400 top?
1418
1455
1500

I can't tell but are you guys just making up these resistance numbers or is there something to them? Personally I like 1319, 1329, etc

Originally Posted by Appatite

I can't tell but are you guys just making up these resistance numbers or is there something to them? Personally I like 1319, 1329, etc

I spread the S&P out 1 to 3 months and look for hesitations for on the way down and these will be hesitations and resistance for the way back up. the more time it took to break a level to go up or down the stronger it is to break the next time.

Then I spread it out 3 years and look for the peaks and valleys where it hesitated at before. A prior major peak is sometimes harder to break because a lot or people fear the bearishnis and big dip as you don't break over it and form a double top. This fear sometimes causes it like cause and effect. Comming off of a peak takes out the scared person's stops causing a sell and now that we have computers duing trading it has a cascading effect:

Timid people's have their stops real close and they sell at a slight downward hesitation.

There sell causes causes a larger group's stops to be met causing them to sell.

There sell causes an even larger group to sell...and so on.

So all in all you can get a couple weeks, or even a month's worth of profits taken away in a day or two.

Originally Posted by Birchtree

Further down the road 1700 might be a close for 2011 but is still not the top.

I don't know about that Birch. I think there will be so much fear of a double top at 1549 that it will cause the double top itself. There will be a hesitation and then sell off buy nervious people who have their stops set too tight. Then there will be more selling causing more stops to be violated and so on. Remember weeks and months up, hours and days down causing large losses. Just a guess here.

With the S&P 500 trading at about 14 times 2011 earnings per share, there is life in the rally yet. Besides, mom and pop are returning to the market.

Gap up, sell off the gap, drift up to near resistance level,

Gap up, sell off the gap, drift up to near resistance level,

The last two days look like someone is tring to buy up the market at opening gate and more buy up to resistance then selling back down and a low volume drift up in the afternoon seems like people want to be bullish but looks like they sell when the resistance level isn't broken.

1330 to 1332 is a stronger resistance level and we may have to do some consolidation here. I don't think will gap this one without some strenghtening. It's been tried twice to jump start another bullish run, at least were above the 20 day but I'm not bullish until the 1332 is broken and I hope were not just establishing a lower high here.

Well 1318 was tested twice and failed the second time. QE2 needs to start buying now or we'll drop to 1310 is or even 1300. I guess the bullish people learned their lession trying to over jump the market in the mornings thinking to jump in before gains. S&P still needs some consolidation before building back up. Maybe between 1330 and 1310. I hope this isn't a lower high and the market continues dowm.

don't like this bottom base building. Bearish

Originally Posted by Bquat

Well 1318 was tested twice and failed the second time. QE2 needs to start buying now or we'll drop to 1310 is or even 1300. I guess the bullish people learned their lession trying to over jump the market in the mornings thinking to jump in before gains. S&P still needs some consolidation before building back up. Maybe between 1330 and 1310. I hope this isn't a lower high and the market continues dowm.

Both short term markers on the S&P are close, one at 1306 and the other at 1297, both hit on the 24th last month. So far the 1306 level has been flirted with but has held twice. If it can hold for another few we may see a Bullish climb at the end here and then have a repeat of the 25th. If the bears take over and go through the 1306, I do not see the 1297 holding either. Then down to the lower 1200's we go sooner than I thought we would!