Looks like the trading channel has taken president over the blue line. Hopefully we'll ride the channel straight to your red line. One thing I noticed, however, is we dropped down to the trading channel rather than move largely sideways as the trading channel came to us. Also the index is beginning to cross below the shorter term MAs, something that makes me a little more cautious.
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Bquat's Account Talk
- Thread starter Bquat
- Start date
Bquat
TSP Talk Royalty
- Reaction score
- 599
Yea I noticed the same thing. Other than the last failed move on the left, there was only little hesitation and change in direction on the blue line. It seemed to be a mute point and I may remove it. I guess I was wrong in thinking it was major support. The market did seem to rise with the Fed interest rate news and fall with the housing sell news. So we know that the news still can effect it.
RealMoneyIssues
TSP Legend
- Reaction score
- 101
Looks like the the policeman needs to go back to grammar school...
Here is the corrected version:
You also missed one correction; it is affect, not effect.
So, even though you smell good, your gramma sucks!
Bquat
TSP Talk Royalty
- Reaction score
- 599
Well a steady sell off after the failed move and a small bounce off the bottom of the channel, This can be going either way.
Little Bull "the channel held and the trend is your friend."
Little Bear " I won the battle at the top and I brought you all the way down and the only thing the stopped you was computer programs kicking into a buy mode at that level.
Once they realize how over extended you are your going down dude."
If this is the start of a down trend, 1302 is a good place to bounce. Previous resistance, the first Fibinacci retracement line and where it tests the 13 day moving average. Then 1290 which was a strong resistance point comming up, the test of the 20 day and good correction level for an extended market.
Ok Bulls fight for those that are in. State your opinions here:
P.S. I removed the long blue line because it's a moot point.
Little Bull "the channel held and the trend is your friend."
Little Bear " I won the battle at the top and I brought you all the way down and the only thing the stopped you was computer programs kicking into a buy mode at that level.
Once they realize how over extended you are your going down dude."
If this is the start of a down trend, 1302 is a good place to bounce. Previous resistance, the first Fibinacci retracement line and where it tests the 13 day moving average. Then 1290 which was a strong resistance point comming up, the test of the 20 day and good correction level for an extended market.
Ok Bulls fight for those that are in. State your opinions here:
P.S. I removed the long blue line because it's a moot point.
Sensei
TSP Pro
- Reaction score
- 27
1292 (where I think the 20 SMA is) is 2% below yesterday's close. The way Europe is going, we could touch that today or Monday. Then we could see the uptrend resume. I'm staying in. I bought at 1277, so can afford to play with the casino's money for a little while longer.
Bquat
TSP Talk Royalty
- Reaction score
- 599
Ok my spidey sense was exactly one week off.
It was 1330 instead of 1320. Ten points. I'm good with the call.Shortly we'll see if I was almost correct. Testing channel bottom now.
MaStA
Analyst
- Reaction score
- 8
So do you think most of the pullback has occurred already or do you believe there is a lot more to come? This is where my timing is always off. If I go to G today my luck things will sky rocket on Monday. I know you can only give your opinion, but that is better than my opinion because I know nothing about this stuff lol.
Looking at your chart above it looks like we are at the bottom of the channel (at least I think that is what it is called). So either we break through that or go back up.
Looking at your chart above it looks like we are at the bottom of the channel (at least I think that is what it is called). So either we break through that or go back up.
Bquat
TSP Talk Royalty
- Reaction score
- 599
Sorry was away with mom. Ok, I think more down bear flag forming. I hope a test of 1302 or a retest of 1290 to make Spidey right. The bottom of the channel is holding but how long. We have 1 hour to watch.:worried:
- Reaction score
- 741
I think most members are seeing the same thing but the market has it's own time table. We are do for a correction and the lines of support and resistance are drawn out already. It really just comes down to when. I would like to see it happen over the next two days so I can get back in on Tuesday so I don't have to use one of my February IFT's to do it. A lot of members are waiting to jump into the game but are watching for a drop as well. They always say "Sell high/Buy low", but I bet most of us belong to the "Buy high/Sell low" club. :suspicious:
Bquat
TSP Talk Royalty
- Reaction score
- 599
I should have drew it like this so you can see it.
RealMoneyIssues
TSP Legend
- Reaction score
- 101
Bquat
TSP Talk Royalty
- Reaction score
- 599
Yea it was selling and buying between the two moving averages on the 15 min. I think in my chart they are approx. the 3 and 10 day on the 15 min.
Bquat
TSP Talk Royalty
- Reaction score
- 599
Now back to the 30 min. This thing wants to fight right up to IFT time. Now it's fighting the 5 dma. Usually don't watch this close but we can set a lower low here.
- Reaction score
- 741
It almost looks like the S fund is going to carry the C & I funds back into positive territory. The VIX has been bouncing between 18.5 and 19. I think the VIX may be the lynch pin today. If it breaks above 19 CSI will go negative. If it holds between 18 and 18.5 we will see green today.
