kalinm...approximately 75% of the world markets are in
downtrends. This is not supportive of big extensions on the SPX
currently but my advice is to avoid extrapolating every other
index, sector and focus on the price action in what one is trading.
If it reverses, then adjust accordingly.
I hear ya Steve -- good advice. I will go out on a limb
and say that while 2007 saw a 7 day burst to new all time highs, if
we sell off more this afternoon and lose the 1576 pivot (and prior
all time high), and a 3 day squeeze was all we had...... again, a
big "if" at this point and not really worth pontificating about too
much. However, even if we do lose 1576, it did this in 2007
(lost the high briefly), then came back another time in the
following days.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
kalinm...approximately 75% of the world
Monthly chart strength
Posted by steve on 12th of Apr 2013 at 12:05 pm
kalinm...approximately 75% of the world markets are in downtrends. This is not supportive of big extensions on the SPX currently but my advice is to avoid extrapolating every other index, sector and focus on the price action in what one is trading. If it reverses, then adjust accordingly.
I hear ya Steve --
Posted by kalinm on 12th of Apr 2013 at 12:28 pm
I hear ya Steve -- good advice. I will go out on a limb and say that while 2007 saw a 7 day burst to new all time highs, if we sell off more this afternoon and lose the 1576 pivot (and prior all time high), and a 3 day squeeze was all we had...... again, a big "if" at this point and not really worth pontificating about too much. However, even if we do lose 1576, it did this in 2007 (lost the high briefly), then came back another time in the following days.