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The statement about the market was rallying as expected referred to the intraday comments after the reversal based upon the fact that we saw no signs the market was going to rollover after reversing to the upside.
The comments on Wednesday night also stated the a "break" of the trendlines shown on the DOW, SPX, and QQQQ would be an initial sign that the market wanted to rally in the very near term. If you are going to be a day trader, then you MUST adjust rapidly to the market versus swing trading where you will allow for more wiggle room.
Yesterday, we saw a 3 box reversal (point and figure charts) which in normal price activity (a normal corrective move). The question now is will there be a strong follow through to the upside or a reversal from this general area. Should the SPX not be able to clear and HOLD above the 935 area, odds favor a move lower.
A move below 8259 on the DOW would once again put that index on a short term SELL signal.
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The statement about the market
Thursday June 25th Market Recap FYI - Tonight's discuss is 30 ...
Posted by dodgerdog on 26th of Jun 2009 at 09:06 am
The statement about the market was rallying as expected referred to the intraday comments after the reversal based upon the fact that we saw no signs the market was going to rollover after reversing to the upside.
The comments on Wednesday night also stated the a "break" of the trendlines shown on the DOW, SPX, and QQQQ would be an initial sign that the market wanted to rally in the very near term. If you are going to be a day trader, then you MUST adjust rapidly to the market versus swing trading where you will allow for more wiggle room.
Yesterday, we saw a 3 box reversal (point and figure charts) which in normal price activity (a normal corrective move). The question now is will there be a strong follow through to the upside or a reversal from this general area. Should the SPX not be able to clear and HOLD above the 935 area, odds favor a move lower.
A move below 8259 on the DOW would once again put that index on a short term SELL signal.