FetteredChinos
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Racer said:
lol yes, well done Racer, young lady...
i knew i was never going to get the crumpet...
FetteredChinos
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so no-one fancies 10,050 for a long next week then?
FetteredChinos
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Ism Wism, lets get Bism
:cheesy:
:cheesy:
Racer
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U.S. construction spending took a surprise drop during May as housing sector outlays unexpectedly plunged.
Total spending decreased 0.9% to a seasonally adjusted annual rate of $1.103 trillion, the Commerce Department said Friday. Spending fell 1.1% in April to $1.113 trillion; it was originally seen up 0.5% to $1.067 trillion.
March spending fell 0.2% to $1.126 trillion; it was previously seen up 0.6% to $1.061 trillion.
Total spending decreased 0.9% to a seasonally adjusted annual rate of $1.103 trillion, the Commerce Department said Friday. Spending fell 1.1% in April to $1.113 trillion; it was originally seen up 0.5% to $1.067 trillion.
March spending fell 0.2% to $1.126 trillion; it was previously seen up 0.6% to $1.061 trillion.
Racer
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From GDP the other day
The upward revision to 3.8% reflected higher exports than earlier thought
and stronger residential fixed investment.
The latter is made up things like of home construction and sales, which
are running red-hot as low borrowing costs entice buyers. While residential
fixed investment makes up a mere 5% of GDP, its 11.5% advance in the first
quarter reflected a 0.64-percentage-point contribution to the overall, 3.8%
rate of growth.
The upward revision to 3.8% reflected higher exports than earlier thought
and stronger residential fixed investment.
The latter is made up things like of home construction and sales, which
are running red-hot as low borrowing costs entice buyers. While residential
fixed investment makes up a mere 5% of GDP, its 11.5% advance in the first
quarter reflected a 0.64-percentage-point contribution to the overall, 3.8%
rate of growth.
frugi
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Yes there was an inverse H&S and it does seem to have failed for the moment. She peeked her head over the neckline around 10356 (futs) then as the breakout failed fell swiftly, even briefly dropping below the shoulders around 10320, but there was no follow through that way either. Kind of a failure failure! So the pattern may now no longer be really in play. If 10310 fails I would imagine the gap will be filled (10292), at least. If it breaks up again past the HOD then 10430 looks to be the H&S target, for what it's worth.
On the 20 min there's a sort of bull flag developing: a low to fill the gap would complete the 3 wave cycle on the bottom of the flag boundary and prepare the ground for a decent up move, assuming 10285 holds on a test.
On the 20 min there's a sort of bull flag developing: a low to fill the gap would complete the 3 wave cycle on the bottom of the flag boundary and prepare the ground for a decent up move, assuming 10285 holds on a test.
roguetrader
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Doesn't looklike I missed much today. Little bit of range early on.
Total volumes looking light as expected.
Market internals looking medestly bullish on NYSE, but deteriorating, Nasdaq near neutral and deteriorating.
Volume should dryy up after lunch I would imagine.
Have a good weekend all.
Total volumes looking light as expected.
Market internals looking medestly bullish on NYSE, but deteriorating, Nasdaq near neutral and deteriorating.
Volume should dryy up after lunch I would imagine.
Have a good weekend all.
roguetrader
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Ok Lion, my views on the market are considerably less specific in what I'm assuming you call the short term than either User or FC. Due to their trade holding period both are forced to predict the market by their differing methods of analysis, and commit accordingly. As almost exclusively an intraday trader at most I lay out the possibilities for the coming week which essentially covers both directions and modify that throughout the week on a day by day basis. From a personal point of view I see little advantage in going beyond that, and indeed since I frequently trade in both directions during any given day it would be counter productive for me to adopt the sort of bias that predicting one direction over another for the coming week or month would produce. In an effort to contribute something to your question, my obsevations and thoughts outside of the intraday period are as follows.LION63 said:
Right now the market is sending mixed signals as to the next move. The three majors, INDU, COMPQ, and SPX have all moved lower, but the nature of the move has been different. On the one side we have the INDU which lagged in the recent advance and has sold off quite hard over the last several days giving back as much as 61% of the gains, a retracement that suggests full retracement is more likely. On the other we have the SPX which has only given back 38%, a retacement that is consistent with a healthy correction, and similarly COMPQ which has barely got past the 25% retracement level. So I would say the future of the market in the "short term" is uncertain at this point. Add to that the fact that we are starting a new quarter this week brings another level of uncertainty. Given that the INDU consists of only 30 companies albeit very influential companies I am inclined to put more weight on the COMPQ / SPX combo. That said if weakness persists in the INDU there is a danger that confidence will deteriorate in the other two and a pattern of increasing volume on down days relative to up days is beginning to show. One further concern in regards to the COMPQ is the semi-conductor index which is its most heavily weighted sector. The SOX has moved back below its 200 week sma, this MA has capped the SOX for approximately four years until four weeks ago. The move back below it is cause for concern and bears watching over the coming week. The weekly chart of the SOX may be showing signs of rolling over.
I will review support and resistance levels, as I see them, for individual charts later which may or may not add more to your question.
Many thanks for the response RogueTrader, your posts and contributions to this thread are always useful to most of us.
As your time frame is certainly different from FetteredChinos and User's; and your method is the opposite of mine, I was seeking a different perspective which you have provided.
As your time frame is certainly different from FetteredChinos and User's; and your method is the opposite of mine, I was seeking a different perspective which you have provided.
