Here's a 30 min SPX chart, today the SPX and market sold off and
took out the 1130 support area. It bounced off the support at
1115. The next support areas are noted below at 1095 and of
course the 'big one' is 1085.
When these price targets are met, are you considering some kind
of minimum time retracement as well? ie. We've gone up for
many months non-stop and we are meeting our sell-off targets in a
matter of hours. I find it hard to think that the market will
be done its correction after only a few days. Not sure if
this is actionable insight, but since the tight bollinger bands
didn't result in a "large move" -- although it did rally for about
four weeks, that perhaps that was the fakeout move and the "large
move" is about to hit us right now and open those bollinger bands
way up with a prolonged move to the downside.
S&P 500 30 min chart
Posted by matt on 21st of Jan 2010 at 12:26 pm
Here's a 30 min SPX chart, today the SPX and market sold off and took out the 1130 support area. It bounced off the support at 1115. The next support areas are noted below at 1095 and of course the 'big one' is 1085.
http://stockcharts.com/c-sc/sc?s=$SPX&p=30&yr=0&mn=2&dy=8&i=p16878707683&a=159075276&r=6893
How significant is it that
Posted by poohnana on 21st of Jan 2010 at 12:40 pm
How significant is it that $SPX has fallen below the linear trendline since March and also the one from July? Is not that fairly serious ?
I would consider the break
Posted by steve on 21st of Jan 2010 at 01:00 pm
I would consider the break of the SPX trendline as very significant - especially on a closing basis that is not quickly recovered.
fyi, we are also very
Posted by rank10 on 21st of Jan 2010 at 12:39 pm
fyi, we are also very close to the 50ma on the daily
Time aspect?
Posted by kalinm on 21st of Jan 2010 at 12:33 pm
Matt,
When these price targets are met, are you considering some kind of minimum time retracement as well? ie. We've gone up for many months non-stop and we are meeting our sell-off targets in a matter of hours. I find it hard to think that the market will be done its correction after only a few days. Not sure if this is actionable insight, but since the tight bollinger bands didn't result in a "large move" -- although it did rally for about four weeks, that perhaps that was the fakeout move and the "large move" is about to hit us right now and open those bollinger bands way up with a prolonged move to the downside.
Thanks matt!
Posted by mvachon on 21st of Jan 2010 at 12:29 pm
Thanks matt!