Testing the 20-day MA again

[tsptalk]

It's day 3 of a test of the 20-day moving average. Sitting at 885, this seems to be a critical point for the pullback in the rally...

 

[350zCommTech]

It's day 3 of a test of the 20-day moving average. Sitting at 885, this seems to be a critical point for the pullback in the rally...

You see a test of support while I see the leaders kissing support goodbye(charts in my thread). I guess I'm a little more bearish than you.

 

[tsptalk]

I guess I'm a little more bearish than you.

Nah, I was just trying to be unbiased. No bull here.

 

[JTH]

My trendline has been violated...

 

[coolhand]

This being OPEX week, the markets action cannot be read into to deeply.

Next week however, is when the true test begins. I'm not necessarily looking for a plunge, but I suspect the market's going to be making some bulls nervous.

 

[tsptalk]

My trendline has been violated...

Sorry to hear that. I hope it wasn't too painful.

 

[tsptalk]

This being OPEX week, the markets action cannot be read into to deeply.

Next week however, is when the true test begins. I'm not necessarily looking for a plunge, but I suspect the market's going to be making some bulls nervous.

OPEX weeks are historically pretty good, but they have been weak during the bear market - although April's was up slightly. But it's post OPEX week that has a tendency to be weak historically.

 

[JTH]

Sorry to hear that. I hope it wasn't too painful.

Pain is something I've learned to get use to. :cheesy: Still, I have been following this channel for a couple weeks or so. The writings been on the wall and now it just needs a fresh coat of paint.

View attachment 6338

 

[Birchtree]

It's natural - the pause that refreshes. Money is flowing like water into the market and all this liquidity will keep the bulls afloat. I finally had a loss on week #10 but it is tolerable. Maybe I'll get lucky and catch another $10 price on the C fund next week.

 

[Bullitt]

20 DMA busted today on most majors but the Nasdaq managed to stop right on it. OEX and NYSE look very toppy here.