Thread: Twodaystocks' Weekly charts

My weekly charts show more room to move to the upside, but that is HIGHLY dependent on the news and economic data and revisions through the end of this week. More and more analysts, CEO's, and politicians are becoming more positive in their opinions regarding the fiscal cliff. However, if you look at Friday's daily volume for the $SPX, it was the lowest in over 6 months, by over half a BILLION shares. If you want to stay all F/G, I definitely dont think you are alone in your position and/or overall outlook on the market, but I am all in the C fund right now. My weekly charts crossed the buy line last week. With that chart, plus the economic news seeming to turn a bit more positive, I feel overall pretty comfortable about my decision.

The Intraday chart today showed a sell-off in the morning and then slow and technical buying throughout the rest of the trading day. The chart tested and retested its support along the 50 day moving average, slowly gaining strength. After 245pm, the chart moved higher and tested its 20 as support until the Heavy buying volume that pushed the final close back up to 1406.29, less than 3 points below its open at 1409.15.

26 Nov 12 C fund intraday4.png

My Weekly chart below is still holding abve its buy signal line (EMA 5). Had there not been a normal sell-off in the morning, I believe the S&P would have climbed slightly higher than its previous close. Tomorrow there are a few economic numbers coming out, durable goods orders at 830, home price index at 9, and consumer confidence at 10. Most forecasts are for revisions/reports to be lower because of SS Sandy. I don't think they really know what to expect. If these numbers come in higher, I look for that to be a catalyst for the bulls. Any numbers slightly lower or in-line with expectations, I don't see having a great impact, because of Sandy. I think they will be brushed off as a sign of the storm rather than that of economic weakness. I guess only time will tell, but I don't look to try to move out of the C fund unless there is a significant move in the markets.

26 Nov 12 C fund weekly.png

As always, any opinions or comments are welcome!!

Originally Posted by twodaystocks

Tomorrow there are a few economic numbers coming out, durable goods orders at 830, home price index at 9, and consumer confidence at 10. Most forecasts are for revisions/reports to be lower because of SS Sandy. I don't think they really know what to expect. If these numbers come in higher, I look for that to be a catalyst for the bulls. Any numbers slightly lower or in-line with expectations, I don't see having a great impact, because of Sandy.

The numbers are unchanged from previous reports, which is actually an INCREASE from the economic forecasts by almost 2%. For now, the futures remain unchanged currently. If the home prices and CCI come in higher as well, I think it will be a great day for the bulls.

Rally in Europe and home price index rises again as well. Looking good today, but the futures are still not moving.

November consumer confidence comes in higher than expected at 73.7 vs. 73.0. Markets are starting to look better now.

Looking like a sell-off kind of day in S&P. Maybe selling on positive news because of some uncertainty. Not sure.

HUGE buy at 11:35 on the S&P. Took it from 1403 to over 1406. Not sure why but as long as it holds I am happy.

IWM needs to stay above 81.06 in order to break the down channel, it's tried several times and is flirting with it. 3 hours left in the day to see what happens

twoday are you a day trader by any chance? just wondering

Originally Posted by sniper

IWM needs to stay above 81.06 in order to break the down channel, it's tried several times and is flirting with it. 3 hours left in the day to see what happens

twoday are you a day trader by any chance? just wondering

I'm not a daytrader according to the SEC rules.

More of a swing trader at this point.

Originally Posted by twodaystocks

More of a swing trader at this point.

Right on, same here. Good to see more active traders on this site though, it's always interesting to hear another perspective on the market cheers

Not happy about where it's heading right now. One comment from a senator and it killed the momentum. Ouch.