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jmicou

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Reply with quote  #1 
Chart:


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jmicou

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Reply with quote  #2 
So far, a tight trading range with a threat of a breakout. Will the first breakout be false? Not much of a bear fight thus far. Let's see how it closes today, as well as for the weekly.
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jmicou

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Reply with quote  #3 
Keeping an eye out for a price "overthrow," then retracement. On the chart, other lines could be drawn, but this is an indicator of mine that has a tendancy to lead. A break below the middle of the regression could confirm the divergence and send price down to the retracement levels. At this juncture, the indicator may be projecting a higher low, so a retracement to the 38.2 to 50 would probably be the worst case scenario.


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jmicou

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Reply with quote  #4 
Several months ago I had posted a chart with comments with guesstimates about the price of oil at Traders-Talk. Someone emailed me about the McLaren Report. Anyway, for a while I followed it, but did not for a long period of time. This evening I went to the report and found it interesting. The link is below. So, I added some TLs on the Q price chart to compare his charts for the SPX and COMPQ.
http://www.mclarenreport.com.au/yvs500/default.asp?id=855
regards,
jmicou


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jmicou

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Reply with quote  #5 
It's going to be frustrating to put on a counter trend trade. The labeling of percents may be confusing. It was just taking the higher number divided into the lower number. Also, if 45 is reached before a significant retracement, then the retracement would be projected to be more severe. One more chart:


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jmicou

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Reply with quote  #6 
The indicator mentioned above moved down a little further yesterday. One chart with comments:


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jmicou

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Reply with quote  #7 
Support held yesterday. Price up against the upper TL in the chart directly above. Resolution could be short or it may take awhile. The indicator turned up yesterday. it does not necessarily move in sync with price.
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jmicou

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Reply with quote  #8 
The poking through and bouncing around the 41.75 area can be erosive. The TL4 above now is resistance after having slide down past it. The daily high and lows are getting lower. The 90 minute chart has not giving a momentum buy. Intraday pivot is 41.92 with S1 @ 41.53 and S2 @ 41.26.  Below these, 40.90ish beckons. A close below 41.75 at this juncture would not be bullish ST. A ST counter main trend trade may be setting up; however, in a strong bull market, sell signals sometimes act as buy signals. Contemplating going long puts or shorting the Qs. My wait towards the EOD to make a decision. Do not see any reason to liquidate position longs. So, it would be trading on varying timeframes. To each his own.

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jmicou

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Reply with quote  #9 
Depending on the momentum plus volume, still 41.75 as horizontal support with a congestion zone of 42.10. Closes above 42.45 could signal that the much anticipated correction might remain elusive for now.

jmicou

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jmicou

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Reply with quote  #10 
So much for 42.45. The 41.75 area still in play.
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jmicou

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Reply with quote  #11 
Update

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jmicou

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Reply with quote  #12 
Well, didn't make a print of 45 and now has broken 43.9. Next support 42.5. Below that 41.1 to 41.2. Wonder if this is the beginning of more volatility and bigger range days. 43.9 could become a battleground.
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jmicou

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Reply with quote  #13 
A chart with a few comments. Not much to say. If the market is at or near a top, then it will present itself. Still seeing a lot of posts calling for an IT top and even some crash talk. This has gone on for months while the market has continued an upward slope with low volaitility and narrow trading days. It will change. Just have to follow what works until it doesn't.

regards,

jmicou


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jmicou

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Reply with quote  #14 
For the ST:


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jmicou

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Reply with quote  #15 
Using a Decision Point chart to illustrate an area for the NDX MCSUM to watch given the rally thus far, as well as with OPEX and the FOMC next week. How the MCSUM responds around the area highlighted might be telling of whether or not a significant pullback or CIT is in the offing.
regards,
jmicou


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jmicou

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Reply with quote  #16 
Let's see what tomorrow and this week brings.


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hiker

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Reply with quote  #17 
12/21 intraday

today's action testing supports which are:

43.34
42.67


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jmicou

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Reply with quote  #18 
Thanks, Hiker. Posted this on the other Qs thread:

Today at 11:51 AM  PM jmicou Reply with quote

There are a couple of horizontal lines to maybe keep an eye on for a test in the 43.26 to 43.33 area. The chart from the 19th has one of those lines. On the weekly this area shows up, too. This may be the area for the line in the sand for the Qs/NDX to continue in a sideways formation.



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