Caution: We have now rallied right back up to the previous lows set back in the beginning of ’08, this could be a stopping point. If not, it’s right back to the 50 day @ 12,000.
Joined Jan 27, 2008
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Nice chart.
_
WM on fire in AH
It looks like a box with a bunch of fucking squiggly lines.
These bottoms rarely produce V rallies. I don’t think we go straight back up. If we indeed are going to hit 12k a pullback of sorts will happen before then.
Hey Cajun,
What software do you use for charting and drawing trend lines ?
Thanks! good info!
Prophet software that comes free with thinkorswim.com
Cajun, your 200 week moving average is at 11,700.
Also, I have WM closing down in AHs.
wood, 12,700 you mean?
11,700 my blue barreled friend.
200 WEEK moving average 😉
Cajun brought the avg. up one time, and I did some quick testing on it.
In the past, once it is broken, it becomes serious resistance. It has typically only been broken in real-live bear markets, a la the 70s and 2001-2003.
ah, WEEK, not day
Thanks for that info Wood. What about the fact we just broke down through it. My thinking is that it should not be that big of a resistance yet. As early 2002 shows these bear market rallies can go through all technicals.