I’m still watching apparent ‘slope’ changes on the 60min chart for clues – the 140 ish point tank on 2/1/04 gives a nice parallel channel when linked up with last Fridays’ 140 point tank (a neat coincidence!?)
The futures are currently indicating a mild bounce; maybe investors will view last Fridays’ tank as a chance to get in 'cheap' before some good earnings numbers this week….
But the people promising good earnings numbers are the same ones who were promising good NFP numbers on Friday – and they were 120,000 out……!!
(apparently, the growing US economy is creating plenty of jobs in India and China )
CM - took the plunge again long at the PD bottom at [email protected] ish, and just closed at 10502.......
I'll probably regret not holding overnight - this has got 10564 written all over it........... :cheesy:
ps OES - most times after a big move day as last Friday, it's going to consolidate in a tight range whilst deciding what comes next - in this case as you say, very likely more up....it's the prospect of those good earnings reports that are keeping it on the boil imho...
pps I thought that you were making a fortune out of these rangebound days anyway!!
I'll take a guess at the down channel lines. If nothing else,I'll know where up us, and where more down is. Has RSI risen too much for a consolidation? It's sitting at resistance.Not a lot of room left for the upside, unless it's a substantial move....Plenty of room to move to the downside, but I favour TS's reasoning and direction.Nonetheless, TWYS.
The bears must have thought they were in with a good chance at the beginning of yesterday’s session, but stronger forces prevailed (for now!)
A zoomed in view of the 10min chart tells the story of recent days action – the head and shoulders that led into Fridays big fall, and the apparent rolling (saucer?) reversal shape of yesterdays action, that suggests a further attempt at upside today….
Plainly there is likely to be a solid wedge of resistance at 10520 ish (also 50% fib) to overcome before any serious progress can be made (if it gets that far! )