Japan down 1,100 points , ASX down 2% , Russia down 3% ,Hongkong down 2.6%chinese PMI below 50( contracting economy) DOW futures minus re 134. Looking very messy ahead.
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Japan down 1,100 points , ASX down 2% , Russia down 3% ,Hongkong down 2.6%chinese PMI below 50( contracting economy) DOW futures minus re 134. Looking very messy ahead.
Yes , "buying on the dips" DOW -13 atm Gold up to $1391
http://www.reuters.com/article/2013/...9770GZ20130819
Wall Street falls for fourth straight session as Fed eyed
since that post on 23rd May 2013...the DOW fell back then made a marginally new high.
The DOW now looks destined to test the MA200 area again as bull market corrections do...The chart still shows the DOW in a Cyclic Bull market Cycle
http://i458.photobucket.com/albums/q...OW21082013.png
Hindenburg Omen??
http://finance.yahoo.com/blogs/break...163004190.html
Ari ...Hindenburg Omen is a "cry wolf " indicator....Yes it has correctly shown the past crashes but is irregularly too sensitive to be an useful reliable indicator... as it picks up some (but not all) Bull market corrections and the occassional bearish blip as well..
The media are confident that the economies are on the mend and the Equity markets look set for another rally into the "blue sky" area. Even the very bearish Shiller has become bullish lately...
So its all good times again..eh? ..Well it pays to be cautious and have quick exits atm just in case a Head and Shoulder pattern forms.
H&S is a bearish pattern with a good success rate.
http://i458.photobucket.com/albums/q...OW12092013.png
The Dow managed to push through to a new high (just!!) to prevent a bearish H&S chart pattern ..but in realty... has this slight higher high stopped the bearish nature that a H&S pattern would've indicated????.....What would've been a neck line break today...has been swapped to a Quasi neck line break....It tells the same story....
The MA200 is now an important line ....if it holds we may see another volatile (higher VIX) swing reversing the DOW back up to a new high..If the MA200 breaks then we can treat the target calculation as a quasi H&S pattern
Target 14850 - (15677 - 14850) = 14023
http://i458.photobucket.com/albums/q...OW08102013.png
You can call it a trendline if you like...technically thats all it is...As I don't hold much faith in trendlines only..I do add some extra weight to these "nearly" patterns...especially in less liquid stocks where you could get a "smart-ass" to buy in at a higher price to try and butcher the formation of the H&S formation by creating a "RHS shoulder" above the head ...the resulting breaking trendline is still bearishly valid with odds I expect to be similar to that of a S&H pattern neck.
break.,,,,this is the quasi piece I mention...re: dirty tricks in day trading
Moosie its charts and you can ignore them in your analysis...its a free world to use any investment strategy system you like....
Charts are only a visual record of past events Belg..what ever happens all will make sense on a chart because that's what happened...Patterns and trends shows ongoing trading behaviour and whether that trading behaviour makes sense is questionable...eh? :D
I've copied the chart of the day from the Daily S&P500 Index tracker thread post #1449 3rd Oct 2013
http://www.sharetrader.co.nz/showthr...TRACKER/page97
DOW showing some negative divergences ...could be a bearish triple top in the making
http://i458.photobucket.com/albums/q...OW31102013.png