Never know about chart patterns until after the fact, but something to watch...
Attachment 2414
http://bigcharts.marketwatch.com/adv...sp?symb=NASDAQ
http://stockcharts.com/school/doku.p...nd_shoulders_t
Never know about chart patterns until after the fact, but something to watch...
Attachment 2414
http://bigcharts.marketwatch.com/adv...sp?symb=NASDAQ
http://stockcharts.com/school/doku.p...nd_shoulders_t
Current Banking Index, classic Head and Shoulders Pattern, after the fact. Now trying to find support.
Attachment 2415
http://bigcharts.marketwatch.com/adv...s.asp?symb=BKX
http://stockcharts.com/school/doku.p...nd_shoulders_t
One, might wonder with oil over 90 dollars, if the Dow Theory is being thought about. Below, the current DJTA Index, just something else to watch while the market looks for direction.
Attachment 2416
http://bigcharts.marketwatch.com/adv....asp?symb=DJTA
http://stockcharts.com/school/doku.p...sis:dow_theory
http://www.dowtheory.com/pr/Is%20the...%208-15-07.pdf
With all the banking/credit woes, I find it interesting that the banking index (BKX) is getting very little press. The index is trying to find support, but any more negative or uncertain banking/credit news increases the chance for more downside risk.
Attachment 2418
http://bigcharts.marketwatch.com/adv...s.asp?symb=BKX
Here's a 10 yr shot. This includes the MACD, showing that it is possible for the index to drop more. Also check out the index swings leading into the last recession. If anyone is wondering why I'm talking about the BKX index, is because this may effect the SPX, and right now there is a devergence between the two indexes.
Attachment 2419
Sorry for the small chart, but you can go to BigCharts.com, click on the interactive setting for BKX and play with it.
http://bigcharts.marketwatch.com/int...ymb=BKX&time=8
Last edited by vectorman; 11-06-2007 at 12:08 PM.
Vectorman -- thanks for the charts and explainations.
Possible chart pattern today. Inverse Head and Shoulders neckline test. Previous neckline resistence becomes support. If support test holds, TA's see this.... then the money starts pouring in. Hopefully this will not be a DCB and the previous trend will continue.
Attachment 2446
" Resistance Turned Support: Once resistance is broken, it is common for this same resistance level to turn into support. Often, the price will return to the resistance break, and offer a second chance to buy. "
http://stockcharts.com/school/doku.p...nd_shoulders_b
http://bigcharts.marketwatch.com/adv....asp?symb=DJIA
Same pattern using the SPX chart.
Attachment 2447
http://stockcharts.com/school/doku.p...nd_shoulders_b
http://bigcharts.marketwatch.com/adv...asp?symb=SP500
Talking heads on CNBC are confused why financials reversed. The BKX index found support at 90, which probably was the target the Big Boys were waiting for. Look above at post #18. If 90 doesn't hold then markets will be in big trouble. 90 gives us a good support to test, so the market may look at this as a positive and go up from here, especially if the neckline support I talked about above on the DJIA and SPX hold. If these supports end up failing, then the markets may be telling us there is big trouble ahead. Be careful listening to the noise on the TV. If you are a timer, use your indicators and stops.
Attachment 2448
http://bigcharts.marketwatch.com/adv...s.asp?symb=BKX
This site spoke about the BKX index also this morning on their free link.
http://stocktiming.com/Thursday-DailyMarketUpdate.htm
Last edited by vectorman; 11-08-2007 at 03:10 PM.
DJTA found some support today too. If oil starts dropping then it may hold.
Attachment 2449
http://bigcharts.marketwatch.com/adv....asp?symb=DJTA
http://stockcharts.com/school/doku.p...nd_shoulders_t
Talking Heads on 'Fast Money' on CNBC saying "stay out of the market", " don't buy ", " wait". " Look for markets to go lower".
I don't know? Could be the market about to take off with Big Boys buying. They like retail investers to buy last at higher prices. Retail investors sell at the bottoms and buy at the tops.
The SOXX index even made a nice kangaroo tail today. In the past the SOXX usually has a good run up in November leading into December. If this is close to a bottom, watch to see if support holds and it takes off. Tom says TSP Sentiment Survey on a buy again. Watch the volume and moving avgs in the indexes tomorrow and next week. Might be a good time to start thinking about falling alittle into the funds for at least a short play. Too many people where I work are sitting in the G fund. SPX...STO, RSI and MACD close to a buy. Watch the VIX for a downtrend.
Attachment 2450
http://bigcharts.marketwatch.com/adv....asp?symb=SOXX
VIX http://bigcharts.marketwatch.com/adv...s.asp?symb=VIX
Last edited by vectorman; 11-08-2007 at 05:15 PM.
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