Equity Markets: Technical Update (11-06-08)
Thursday, November 6, 2008 at 8:09 pm
Prepare for tomorrow, because there are only two options:
#1 - We form a double-bottom right off the 900 level, despite the terrible Employment Situation report and we head up to at least 20-day MA resistance. The VIX fails the 20-day MA resistance and falls back towards the 50-day MA.
-or-
#2 - We break 900 and we automatically head straight to 840-850 where the last support level is located before we make a new low. 900 appears to be a strong support area, but then again, fear is just as strong.
The Employment Situation report: 8:30AM EST
SPX 1-day
SPX 3-day
SPX 10-day
SPX 6-month
Love the graphics, especially since Japan and Australia are in the process of being turned into bear food as we speak, South Korea’s rate cut notwithstanding.
Excellent post. I only just started reading you because Fly has you buried on the bottom corner of the homepage. But really excellent.
I think we find 900 support and move higher because how can you lose 1,000 points in two sessions and not? But this market is like a drunken convict and you just don’t know who he’ll stab next.
Small Fry - For cripes sake WeeklyTA is King of the PG. He is far from buried.
TA - Great stuff. Your work provides a nice complement to Danny’s indicator work. Do we only get dancing cats when the market is happy
I’m just saying his link is buried. If Danny or Wood put up a post, they are bounced to the top of the list on the homepage. Not so fo the King of the PG.
Hey, I’m not the first to comment on just recently finding him. Maybe Fly should boost his placement on the page. His content certainly deserves it.
Small Fry, KOPG changes monthly. Thus, WeeklyTA has only had the job for 6 days.
So when you were looking for him 7 days ago, you didn’t find him cause he wasn’t there.
The last three weeks is looking like an IHS formation just missing the uptrend to complete the right shoulder … maybe it gets completed tomorrow if the futures hold up and we get a positive close ….
That’s true, and I only started posting 3 days before that. I’m still very new here but glad people like the charts.
Employee8, we have to find a floor here somewhere and make a higher low. The more times we test the lows (if we test the lows), the chances of a breakdown increase significantly. We’ll have to see how all of this plays out
wta,
good morning to you my friend… thanks again for the t&a candy!!!
great work…
your brother in the battle…
Duane
good day to you sir
Good TA, but those graphics rule the roost. Usually I only smile and laugh in the morning when I know I am banking coin! This is a good omen for the day.
Yeah, that “watch out for the effin bears” cartoon rules.
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