I know that many think that technical analysis only seems to work over the very near term, but I’ve noticed a few things…
- The SPX has made a perfect Doji Cross on this rebound in the daily chart. Usually that means death, but this market does its best to trick everyone. So instead of instantly turning to test the recent lows, we’ll get another up spike day.
- Nasdaq Comp has a Spinning Top at the exact halfway point of last weeks action in the weekly chart. Watch out for that one too.
- Gold is on its way towards testing its 1250 high, maybe before week’s end. Yeah, I know. Master of the obvious…
That run today was a thing of beauty. It made sure anyone who traded the market lost money
One of my 2 tester trades got stopped out, go figure – my own fault for touching this market
The dust should clear by the end of the week but it’ll be a bit before tradable bases are made again
At least gold is making me money
Hi Scott,
According to the master, the doji simply represents indecision and it will depend on the follow-through tomorrow. Could be a top, could be a continuation. Who knows…
http://www.scribd.com/doc/29142270/Doji-Strategies
btw, love your posts…
Thanks. I’m the site’s straight man…
Are you calling The Fly gay? I wouldn’t do that if I were you…
I have to learn what a spinning top is…thank you for my homework assignment….Straight Man is the harder part in good comedy…Can’t wait for Wicked Wednesday.
All i care is trendlines and moving averages, keep it simple and money will flow 🙂