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Buying Time
April 24th, 2009 at 11:56am · 7 Comments
The 135 minute chart net-line level referenced yesterday was exceeded this morning. The bulls are still in charge, though I don’t think they have much in the way of momentum on their side, they do seem to have a solid handle on breadth. Can prices make it to the top of the 135 minute channel at 882? I’m skeptical, but am not going to get in the way right here.
Tags: General Market Commentary · S&P 500
7 responses so far ↓
1 Jon Eeles // Apr 24, 2009 at 1:00 pm
The emini 6o minute chart including the overnight sessions for this week, counts well as a triangle, with an up side target at 890. Though I am not going to chase it this time.
2 alexk // Apr 24, 2009 at 1:16 pm
Chris, when you decide to ignore a buy signal, can we count this as a sell? In my experience, when my gut feeling tells me to ignore a signal, that’s usually significant.
3 LovesBeta // Apr 24, 2009 at 3:24 pm
I was planning to cover my short financials at 870 S&P today, but DOW did not make a new high as S&P did, and there was a interday divergence on the RSI. I was looking for a strong reversal at the end of the day to confirm the weakness, but did not really happen. I guess the story continues next week. Have nice weekend everyone.
4 rich // Apr 24, 2009 at 4:20 pm
It looks like we might see a pullback on Monday to 845 or so based on the spx 60 min 5,3,3 full stochastics and the current upward channel.
If so, that might be a good exit opportunity for any bears still in the game and looking for a good exit point.
Bad week for the bears. Have a good weekend.
5 rich // Apr 24, 2009 at 4:29 pm
Interesting doji on the spx weekly though. Usually a sign of a turning point of course, though the bears are somewhat flattened by the last week & most will be licking their wounds I suspect.
The reviews & forecasts over the weekend should be interesting this week.
6 phaesed // Apr 24, 2009 at 4:52 pm
Absolutely crazy week. Market’s starting to get fun again even if it’s painful at the moment.
7 nostalgia1983 // Apr 27, 2009 at 9:25 am
And this week just started with some crazy movement already…..
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