When Matt is sending out his daily update just before
going to sleep, I usually just woke up and about to have my
breakfast...Anyway good morning to all of you with the new that
the European indexes gapped up over the neckline of, very
similarly to the US indexes, nice H&S patterns so
far...(just check out the CAC40 ^FCHI or Eurostoxx50
^STOXX50E as examples)
Now,
445 ema and 200 ema will probably act as a first resistance, we'll
have to see volumes and it's too soon to speak as a daily
close is necessary, but IF the breakout is
confirmed the pattern projection for the S&P500 would be
between 1520 and 1550 at least (+10%) !. So I would like to ASK
MATT why he speaks of a "good opportunity to go short" soon ?
H&S is a pretty powerful pattern...he knows ;-) Bye
vicky- I still think the market is still in a bear market,
however I think the S&P has the potential to rally up to 1450
or so which is the 62% retracement from the October highs if it
were to break resistance on decent volume. However the market can
do anything it wants to and I'm not going to short if the market
just powers up, but for now until the market shows me by taking out
resistance on good volume. Also, I consider that the market
is in a bear market unless it were to rally above the 62% Fib#,
which would be above 1452, so that's pretty far away, let's take it
one day at a time.
Take a look at my Watch List, how many shorts do you see? I have
not had many shorts over the last couple months and currently I
still don't because I see more bullish setups. I have been playing
long setups mostly except for gold short. I take what the
market gives me and I react accordingly.
Regarding H&S patterns, to me that are not that reliable of
a pattern
in the event of a confirmed breakout H&S PROJECTION TO THE UPSIDE.
Posted by vicky on 25th of Apr 2008 at 07:25 am
When Matt is sending out his daily update just before going to sleep, I usually just woke up and about to have my breakfast...Anyway good morning to all of you with the new that the European indexes gapped up over the neckline of, very similarly to the US indexes, nice H&S patterns so far...(just check out the CAC40 ^FCHI or Eurostoxx50 ^STOXX50E as examples)
Now, 445 ema and 200 ema will probably act as a first resistance, we'll have to see volumes and it's too soon to speak as a daily close is necessary, but IF the breakout is confirmed the pattern projection for the S&P500 would be between 1520 and 1550 at least (+10%) !. So I would like to ASK MATT why he speaks of a "good opportunity to go short" soon ? H&S is a pretty powerful pattern...he knows ;-) Bye
vicky - I still think the
Posted by matt on 25th of Apr 2008 at 09:30 am
vicky - I still think the market is still in a bear market, however I think the S&P has the potential to rally up to 1450 or so which is the 62% retracement from the October highs if it were to break resistance on decent volume. However the market can do anything it wants to and I'm not going to short if the market just powers up, but for now until the market shows me by taking out resistance on good volume. Also, I consider that the market is in a bear market unless it were to rally above the 62% Fib#, which would be above 1452, so that's pretty far away, let's take it one day at a time.
Take a look at my Watch List, how many shorts do you see? I have not had many shorts over the last couple months and currently I still don't because I see more bullish setups. I have been playing long setups mostly except for gold short. I take what the market gives me and I react accordingly.
Regarding H&S patterns, to me that are not that reliable of a pattern
Vicky-sent you a PrivateM - chk your inbox...pls
Posted by pkinvestie on 25th of Apr 2008 at 07:39 am