Dow

[ananda77]

SPX 500 *925/*934*/*944/*957 definitely possible, but daily reversal signs appearing and it could be *920 topped

Trading Strategy: sideline (safest); hedge: short (upside stop) [would not be buying equities at that level of maturity]

Kind Regards

[ananda77]

[QUOTE=belgarion It's looking, to me at least, that the US markets may straightline their way back to 'normal'. QUOTE]


...nice strong retrace towards end of week, but strong price action continued on the last trading day;

...above SPX 500 *897/*901, *944/*957/*967 possible and it looks like, any down correction remains short and shallow to *815 or even stopping at *860, before index will head higher and hit target zone *1000/*1050/*1100;

Trading Strategy: sideline now (safest); hedge: short bias with down stops;

Long Term: REMAIN ACUTELY AWARE OF THE BEAR

Kind Regards

[ananda77]

...SPX 500 under pressure...

...short term double top (*930) development a possibility, but only if *889 taken out for confirmation; price action remaining above *889 > SPX 500 *444 (+) most likely;

Trading Strategy: sideline (safest); hedge: short bias and building above *944; short stops respectfully below *889;

Kind Regards

[Hoop]

Quote from my post #388 5-05-2009
The DOW broke through an important level today. It has broken through the thick band of resistances 7900 - 8400 to close at 8427. A very bullish sign.
This 7900 - 8400 zone a difficult area to penetrate both up or down....The breakthrough is yet to be confirmed (bull trap?), but when confirmed will serve as a thick floor (support).
There is very little resistance until the major 9000 resistance level. Another important line especially for the TA trendies is the primary downtrend which is now in sight and only 350 points away. The 9000 resistance level is major because it is also the TA target if the DOW broke the 8000 resistance level and a point before a correction could begin. The good news of course is the fact that a major correction would have to tackle that 7900 - 8400 zone again. We can see that zone took a long time to penetrate downwards during the dark days of end of 2008 and it finally succeeded (confirmed) in February 2009.

OK... the DOW had a intraday low of 8366. When I mention the 7900 - 8400 resistance now support zone (made of 3 closely spaced strong support lines at 7844 , 8013, 8350) it is approximate as I have zeroed the figures.
There is also another support line formed since end of March at 7770

The DOW (12 May) respected the top of the support zone at 8366 then bounced up off it to close at 8469 a bullish sign. This old resistance now support Zone has proved to be very strong.

[ananda77]

...SPX 500 closing *884, well below April 30th high at *889; double top at *930 now confirmed;

...on a positive note, a correction to *826/*816/*811 most likely, before aiming at medium to longer term target SPX 500 *1000 (+);

...on a careful note, what if it is not a shallow correction and turns out to be a test of the March 09 low, or worse, a continuation of the bear market...???

...by the way, the confirmation point for the Dow double top *8308; Dow closed at *8285

Kind Regards

[Hoop]

...

...by the way, the confirmation point for the Dow double top *8308; Dow closed at *8285

Kind Regards

OK.. I'll bite
Where's this DOW's double top??

cheers

[ananda77]

...sorry Hoop; should read Dow *8308 confirming 4-month high *8588 (8th.May);

Kind Regards

[STRAT]

Hi Ananda77 and Hoop.
Just wanted to say thanks for your insight on this thread fellas.
Much appreciated

[Hoop]

Hi Ananda77 and Hoop.
Just wanted to say thanks for your insight on this thread fellas.
Much appreciated

Thxs for those kind words Strat...made my day a lot more cheerful

Hoop

[ananda77]

Where for tomorrow?

considering the large amount of long positions I took up today I'm counting on a bounce.

...yes, and it will be most likely a 'dead cat bounce' topping at SPX 500 ~*915 (Dow ~*8517);

Kind Regards