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Thursday, September 18, 2008

09/18/2008 Market Recap: Follow-through wanted

Today many people were very excited about the massive rally of the market, and the government seems capable of doing anything they want. However my conclusion is that, the rally was too steep so it did not look like an ordinary Reversal Day which forms the intermediate term bottom. Therefore a follow-through tomorrow is wanted. Personally I will wait until the next Monday, and see what kind of great resolution our government can come up during a productive weekend before taking further actions.

0.0.0 Signal Watch and Daily Highlights. Now many oversold signals have been corrected.

1

1.2.7 Diamonds (DIA 15 min). Today's rally stopped at at Fib 61.8 which is also a resistance. Let's see if the resistance can be taken out tomorrow. For other major indices it is similar, and you may refer to the chart book for more details.

2

1.4.2 S&P/TSX Composite Index (60 min). Canadian market looks good, bullish falling wedge. Positive divergence on both MACD and RSI.

3

1.1.C TRINQ Trading Setup. Only this indicator predicts a downside risk for tomorrow's market, as TRIN closed below 0.6. So far the success rate of this setup is 77%, and it has been correct for the recent four times. Therefore I guess it will not be accurate tomorrow.

Posted by Cobra at 10:25 PM

1 comment:

  1. AnonymousSeptember 29, 2008 at 10:36 AM

    How about posting the daily QQQQ/SPY index.

    ReplyDelete

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