Posted by chartboy on 23rd of Aug 2011 at 09:05 pm
Thanks Steve,
That is good to know. I outlined two possible trendlines below
in blue for the upper trendline of a potential triangle scenario.
Is this generally what you are thinking?
On a seperate note, I was just updating my charts, (I keep about
90 index/ETF charts updated more or less on a daily basis), and
I wanted to point out the relative weakness, (for a huge up
day), in all of the following groups: SMH/XHB/XLF/EWZ. If
this were the start of something bigger to the upside I would have
expected each of these groups from the semi's right through
to Brazil to have
on average outperformed the QQQ's by much greater
distance. However that was not the case. Now to be clear, the
numbers weren't bad, (in fact the SMH's and XLF did outperform the
COMP and SPX respectively as can be seen from the charts
below)..they just weren't "smokin", like one would expect if we
were about to take off on a 100pt SPX run to the upside.
C
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Thanks Steve, That is good to
Updated SPY projection chart
Posted by chartboy on 23rd of Aug 2011 at 09:05 pm
Thanks Steve,
That is good to know. I outlined two possible trendlines below in blue for the upper trendline of a potential triangle scenario. Is this generally what you are thinking?
On a seperate note, I was just updating my charts, (I keep about 90 index/ETF charts updated more or less on a daily basis), and I wanted to point out the relative weakness, (for a huge up day), in all of the following groups: SMH/XHB/XLF/EWZ. If this were the start of something bigger to the upside I would have expected each of these groups from the semi's right through to Brazil to have on average outperformed the QQQ's by much greater distance. However that was not the case. Now to be clear, the numbers weren't bad, (in fact the SMH's and XLF did outperform the COMP and SPX respectively as can be seen from the charts below)..they just weren't "smokin", like one would expect if we were about to take off on a 100pt SPX run to the upside.
C