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Market Poll March 21-24
- Thread starter Rolo
- Start date
The_Technician
Active member
imported post
Hi all,
Yeah I'm a new guy on the board......but I hope to be of some help.
I'm looking for some more drop in the market....my first point of interest is around 1170 on S&P....then I'll take another look at it for a short term riser....and then we will see what happens...I don't see great profit reports coming in from corps for a while....they just about siphoned all they can out of the general public for a while....
I'd say the likelyhood that the market will knife edge down has risen some....right at the moment I don't think I will be putting all my eggs in one basket when the time comes.
The Technician.
Hi all,
Yeah I'm a new guy on the board......but I hope to be of some help.
I'm looking for some more drop in the market....my first point of interest is around 1170 on S&P....then I'll take another look at it for a short term riser....and then we will see what happens...I don't see great profit reports coming in from corps for a while....they just about siphoned all they can out of the general public for a while....
I'd say the likelyhood that the market will knife edge down has risen some....right at the moment I don't think I will be putting all my eggs in one basket when the time comes.
The Technician.
G
Guest
Guest
imported post
The S&P looks like we are on the downside of a classic "Head and Shoulders" pattern. I don't think it will reach the March 7th high again this year. It will be at 1145 by mid April.
The S&P looks like we are on the downside of a classic "Head and Shoulders" pattern. I don't think it will reach the March 7th high again this year. It will be at 1145 by mid April.
D
Dave M
Guest
imported post
I was one of the two optimists who thought higher. Then Sundaynight/Monday morningmy spidey sense began tinglingas I read thenewsabout higher oil futures/inflation fears/Fed's plans. Late Monday morning I put in my sell order, went back to the safety zone -- G fund.
I voted my sentiments or wishes but once the news had solidifiedI did the opposite with my cash. So I have changed my vote above.
Dave
I was one of the two optimists who thought higher. Then Sundaynight/Monday morningmy spidey sense began tinglingas I read thenewsabout higher oil futures/inflation fears/Fed's plans. Late Monday morning I put in my sell order, went back to the safety zone -- G fund.
I voted my sentiments or wishes but once the news had solidifiedI did the opposite with my cash. So I have changed my vote above.
Dave
Spaf
Honorary Hall of Fame Member
imported post
Head and Shoulder
http://www.incrediblecharts.com/technical/head_and_shoulders.htm
Spaf
Head and Shoulder
http://www.incrediblecharts.com/technical/head_and_shoulders.htm
Spafimported post
Look at a weekly chart and you will see a double top.... It helps to look at different time periods ... since we take a day or 2 to trade the weekly charts will be of help to ya...
Just a couple of points off of 1166 suport if"when" it brakes that the next support
is the 1130 level its got major support there for sure.... all the way back to Sept-nov 1 levels... took forever to get over that hump....
Don't be in a hurry , wait and trade the markets... don't go against them...
Skip
Look at a weekly chart and you will see a double top.... It helps to look at different time periods ... since we take a day or 2 to trade the weekly charts will be of help to ya...
Just a couple of points off of 1166 suport if"when" it brakes that the next support
is the 1130 level its got major support there for sure.... all the way back to Sept-nov 1 levels... took forever to get over that hump....
Don't be in a hurry , wait and trade the markets... don't go against them...
Skip
G
Guest
Guest
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G
Guest
Guest
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greg wrote:
greg wrote:
Wow, I posted this observation at 1:20 ET and the bottom falls out of the market within a hour.
G
Guest
Guest
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Skip wrote:
Skip wrote:
I seethe support being at 1093 (Oct 25th) or 1062 (August 12th).
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I use candle charts and didn't see it as clearly as with the line chart.... weekly a 2x top and daily a H&S . A double wammy for the markets..
OK when did you go short using this pattern ? There is a way to use the head and shoulder pattern and a signal can betaken from it...a pattern does no good unless you use them... Protect your capitol!!!
also from the H&S you can have a est to where the market will turn up...
about 1180 from this chart... low for yesterday was 1178 closed 1183
Today we got hit by a rate increase and a bond sell off..."so we will go even lower."...
I moved out 3/17 to 100%G 2 days late according to the h&s ,but I used a different indicator. 3/15 was the date... using the line chart...
Whats your plan to trade these markets ?
Skip
I use candle charts and didn't see it as clearly as with the line chart.... weekly a 2x top and daily a H&S . A double wammy for the markets..
OK when did you go short using this pattern ? There is a way to use the head and shoulder pattern and a signal can betaken from it...a pattern does no good unless you use them... Protect your capitol!!!
also from the H&S you can have a est to where the market will turn up...
about 1180 from this chart... low for yesterday was 1178 closed 1183
Today we got hit by a rate increase and a bond sell off..."so we will go even lower."...
I moved out 3/17 to 100%G 2 days late according to the h&s ,but I used a different indicator. 3/15 was the date... using the line chart...
Whats your plan to trade these markets ?
Skip
imported post
I think that is apretty weakhead and shoulders pattern but interestingly, the way to pick a downside target on a H&S is to expect a move down below the neckline as far as the head was above the neckline. The neckline is ~1200. The upside high was 1229, or 29 points. 1200 - 29 is 1171, right where the S&P closed Tuesday.
For the record I doubt that will end up being the exact low but I thought it was interesting.
I think that is apretty weakhead and shoulders pattern but interestingly, the way to pick a downside target on a H&S is to expect a move down below the neckline as far as the head was above the neckline. The neckline is ~1200. The upside high was 1229, or 29 points. 1200 - 29 is 1171, right where the S&P closed Tuesday.
For the record I doubt that will end up being the exact low but I thought it was interesting.
imported post
Skip wrote:
I seethe support being at 1093 (Oct 25th) or 1062 (August 12th).
Greg I use the old tops and breakoutsfor support look at 9/13-9/21 10/1 , 11/1 they are the old ressisance levels which become the support levels when broken to the upside...
If you are going to use the fibonacci retracement levels from the last rally 10/25 to 3/7 they would be 1176.08 - 1160.12 - 1143.56 and 100% retracement to 1093.89 "your support level" oct25 bottom
We are at 1172 now and the last bottom 1163 "Jan 24 low"is very close to the 1160 retracement level which would be a 50% retracement and the most likely bottom of this pullback to keep a bull market going.... if its going to turn into a bear market then the 1143 level would be a target....
Using these support levels you can get more trades than the lows that you used.. As these support levels are a closer STOP to perserve capital"our # 1 goal" and/or to find good entry points to trade the ups and downs ...
With the BG plant exploding in Texas today we might drop another 12 points Thursday..Long weekend"good friday" Interesting .....
Good trading,
Skip
Skip wrote:
Greg wrote
I seethe support being at 1093 (Oct 25th) or 1062 (August 12th).
Greg I use the old tops and breakoutsfor support look at 9/13-9/21 10/1 , 11/1 they are the old ressisance levels which become the support levels when broken to the upside...
If you are going to use the fibonacci retracement levels from the last rally 10/25 to 3/7 they would be 1176.08 - 1160.12 - 1143.56 and 100% retracement to 1093.89 "your support level" oct25 bottom
We are at 1172 now and the last bottom 1163 "Jan 24 low"is very close to the 1160 retracement level which would be a 50% retracement and the most likely bottom of this pullback to keep a bull market going.... if its going to turn into a bear market then the 1143 level would be a target....
Using these support levels you can get more trades than the lows that you used.. As these support levels are a closer STOP to perserve capital"our # 1 goal" and/or to find good entry points to trade the ups and downs ...
With the BG plant exploding in Texas today we might drop another 12 points Thursday..Long weekend"good friday" Interesting .....
Good trading,
Skip
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