Posted by babyface0721 on 1st of Jun 2010 at 02:20 pm
Where there is potential for a 61.8% retracement from the low
for the SPX it won't get there this trading day as we have no real
impetus for any number of reasons .... volume, momentum or
sentiment.
I favor a break to the upside on the SPX triangle based on the
ABCDE, and there is a gap to fill, we'll see...
Really instead of a
triangle, it's more of a channel, we held the channel steve
had drawn over the weekend
Otherwise, the Russell 2000 is lagging, so that's a negative and
concerns me. Today is a chop/slop day, low volume day, feels
like people are still on vacation
Market appears to be forming a triangle
Posted by matt on 1st of Jun 2010 at 01:20 pm
The market appears to be forming some kind of triangle
triangle??
Posted by perthx on 1st of Jun 2010 at 01:26 pm
So the idea is we respect the break of either side as the new direction??
Seems to me the market is very weak but "they" are pushing the Dow and forcing the SPX to move that way....
Break to Upside
Posted by babyface0721 on 1st of Jun 2010 at 02:20 pm
Where there is potential for a 61.8% retracement from the low for the SPX it won't get there this trading day as we have no real impetus for any number of reasons .... volume, momentum or sentiment.
I favor a break to
Posted by matt on 1st of Jun 2010 at 01:34 pm
I favor a break to the upside on the SPX triangle based on the ABCDE, and there is a gap to fill, we'll see...
Really instead of a triangle, it's more of a channel, we held the channel steve had drawn over the weekend
Otherwise, the Russell 2000 is lagging, so that's a negative and concerns me. Today is a chop/slop day, low volume day, feels like people are still on vacation
Triangle
Posted by fehro on 1st of Jun 2010 at 01:42 pm
top break also roughly measures to fill the gap.