Friday, July 11, 2008
A Minor Support Bounce
A support bounce started about 1 pm ET. Watch to see if short-term intraday resistance is broken:
DJIA - 11, 075
SPX - 1,238
Nasdaq - 2,232
RUT - 670
A failure to break will lead to more range congestion or down trend continuation. A break above could signal a short-term counter trend reversal.
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3 comments:
Dave Johnson!!!
I just found out about your blog last night and this is the first time I have come to check it out. Love this post as I saw those hammers on the 5 minute chart of SPX futures and the low of the hammer from the morning. Riding some of those futures now and just banked 10 pts for a partial.
But I really wanted to say... 2 years into C patterns and it only gets better! This last batch of C pattern short plays coming off of the bear market rally has been.... oh there are no words to describe!! Thank you so very very much! The C pattern is, if not a vision of the future, a wonderful representation of timeless human action and therefore an endless stream of money. I am still amazed.
Jim
Jim,
Your excitement is contagious...please elaborate on C pattern.
Thanks,
Amy
What is an A B and C entry? Is there an A B and C exit too?
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