The Inv H & S scenario mentioned above seems to be playing out quite nicely, and with a lot of bullish impetus currently propelling tech stocks (will they be less affected by high oil prices?) it seems that a test of 2000 at the channels intersection might happen sooner rather than later…..
I note that the Naz is currently hovering over two gaps, and that seems like one too many – imho the top gap will get filled very quickly, possibly today……
I just wanted to note some appreciation for your continued posting on this thread, I always check it out when you add to it!
The chart's looking a bit messy isn't it - not too many clear signs on the 5min. Maybe the make-up is getting thrown around in the dressing rooms of the theatrical extravaganza know as the US elections? I wonder how many re-counts we'll need this time in order to get the result that democracy calls for?
The Naz still in overdrive and a bullish, but short lived breakout to 2000 today; above the all year long upper major trendline originating from the 2150 high last January……
ND on RSI leading the way to a sharp (apparently) Kerry-bear inspired reversal late in the session today, and perhaps we can expect more volatility in a tight range until a clear winner emerges from the election contest….. ?.......
Well, it’s good to know that the t/a calcs work from a long way out, and can be immensely profitable if you have the patience to stick with your position (that’s the difficult bit…... )
However, the Naz, like the other indices, looking ever so slightly overbought just now, and with a divergent RSI ‘top’ on the radar and two unfilled gaps under; will be watching for some sort of retracement very soon…..
Ps - CSCO has just reported after the bell and the stock has tanked – this makes tomorrows prediction for the Naz quite easy…gap fill mode imho…..