Good Lookin' Charts

[dmk112]

good post: http://www.xtrenders.com/2010/05/did...term-lows.html

[wooish]

That's really scary stuff.

[skiracer]

Interesting site DMK. I've heard of him before and agree with his strategies and discipline.

[dmk112]

15 min chart break out today.

[wooish]

Today's move was powerful on all indexes, we're not sure if this is the beginning of another new uptrend or is it just another counter-trend rally. Are you bullish on the market?

[dmk112]

Today's move was powerful on all indexes, we're not sure if this is the beginning of another new uptrend or is it just another counter-trend rally. Are you bullish on the market?

Wooish... for the short-term atleast. I think this move can take us to 1150... once we get there let's talk.

[B.J]

DMK, what does yesterday's drop do to the SHS? Does the longer term declining highs and declining lows invalidate it? I seem to think so, but would like to read your view.

[skiracer]

DMK, what does yesterday's drop do to the SHS? Does the longer term declining highs and declining lows invalidate it? I seem to think so, but would like to read your view.

BJ,
that's a 15 min chart that DMK has posted there. I wouldnt be relying on that time frame to make a decision or try to interpret market direction other than for that day which is now over. you would have to look at either the daily or the weekly to get a better picture of the SPX trend and the weekly would be the better of the two to use for that. that 15 min chart is strictly intraday.

[dmk112]

BJ,
that's a 15 min chart that DMK has posted there. I wouldnt be relying on that time frame to make a decision or try to interpret market direction other than for that day which is now over. you would have to look at either the daily or the weekly to get a better picture of the SPX trend and the weekly would be the better of the two to use for that. that 15 min chart is strictly intraday.

Ski - 15 min charts can be used to interpret mutli-day trends but not longer than a week or two (max). For intraday moves, you would use 1 or 5 min charts.

If you use the inverted H&S on the 15 min chart there's a target of 1140-1150 which can last over a few days...

[dmk112]

DMK, what does yesterday's drop do to the SHS? Does the longer term declining highs and declining lows invalidate it? I seem to think so, but would like to read your view.

I wouldn't say it invalidates it as long as it stays above the shoulder.

[skiracer]

Ski - 15 min charts can be used to interpret mutli-day trends but not longer than a week or two (max). For intraday moves, you would use 1 or 5 min charts.

If you use the inverted H&S on the 15 min chart there's a target of 1140-1150 which can last over a few days...

couldnt disagree more with you on that statement dmk. if you were looking to substantiate the long side it dropped back down to 1070 between 5/27 6/01 so it definitely broke below the shoulder. would never use a 15 min chart to try to determine trend over a day or two and the last couple of days illustrated that to a tee.
I'm much more inclined to use the weekly to determine continuation of a current market trend or perhaps a reversal to what has been the trend. and you have to take into account that nothing regarding what the market is going to do is written in stone. it's an educated guess at best.

[dmk112]

couldnt disagree more with you on that statement dmk. if you were looking to substantiate the long side it dropped back down to 1070 between 5/27 6/01 so it definitely broke below the shoulder. would never use a 15 min chart to try to determine trend over a day or two and the last couple of days illustrated that to a tee.
I'm much more inclined to use the weekly to determine continuation of a current market trend or perhaps a reversal to what has been the trend. and you have to take into account that nothing regarding what the market is going to do is written in stone. it's an educated guess at best.

The shoulder was made on 5/26 when we had the reversal day (1065), we never violated that level since. I think tomorrow is going to be key, if I we to put a bet down we'll ripp up tomorrow and next week but then again who knows.

[dmk112]

wow... last 2 days have been brutal. got cute today and tried some AAPL calls.. bad move, atleast i didn't hang on when they got cut in half.

My longer term view... shorter term we should bounce, if we get a gap down tomorrow I would scalp some...

[dmk112]

Very nice.

[dmk112]

I think it's time to start looking at getting long next week. Some tickets to watch for a pop:

RBCN, LULU, CHK, UNG, GS