Friday, March 13, 2009

Markets Open to the Upside...

Dave will be on the Weekly Wrap with Ben Watson and Tim Knight today at 4:30 ET 3:54 pm ET - The SPX winds up in a trading range between 742 and 758...again the pressing question; is this a pause like Wednesday or is it the high day of the counter trend? We'll be back later with our Daily Post... 12:43 pm ET - SPX hits intraday DT target when it fell to 742. 46 at 12:20 pm ET before bouncing to 747 currently...the daily charts on our At the Open list are still narrow range day spinning tops 11:12 am ET - SPX breaks 750 turns negative for the morning...look to 743 intraday target... 10:58 am ET - SPX bounces down...watch 750 as intraday double top breakdown low for intraday DT measuring distance of up to 7 points or could be forming trading range 750 to 757... 10:48 am ET - SPX bounces to near intraday high at 755...intraday double top? 10:34 am ET - SPX turns to black shooting star on early pull back...many At the Open stocks running into resistance in bear flag pattern... 10:15 am ET - Markets start the day to the upside but stay in a relatively narrow range...not a surprise after Thursday's strong move...SPX +5 and Nasdaq +4... At the Open on Friday Counter Trend SPY – spinning top NSC – spinning top SCHN – moving lower to support Up Trend HANS – black spinning top, holding on top of horisonatal resistance CF – doji just above horizontal resistance CERN – dark cloud cover, inside day AKAM – spinning top at recent high Sideways Trend OSIP – doji, bearish harami RE – black spinning top at 30 DMA FWLT – gap over 30 DMA, +8.5% SOHU – white candle to horizontal resistance +3.2% SYNA – inside day at 61.8% Fib retracement Down Trend ISRG – doji just below 50 DMA LZ – looking like dark cloud cover ADS – looking like dark cloud cover

2 comments:

Peggy said...

Dave,
Love the daily play by play. I check in on it often. Thanks for all you do. Enjoy your web talks! It was evident last night that you go out of your way to help us, reguardless of the time! Your technical expertise helps to see through the fog and uncertainty of the market. I've never had such a dedicated, talented teacher. Thanks for sharing.
Enjoy your weekend!
Peggy

Anonymous said...

Dave,
This is very exciting. I believe this blog is becoming the best way to learn your AT teaching.
I could see the double top setting up in advance, and then sure enough you pointing out that we had reached the "measuring technique target" is like having a mentor right on our shoulder trading with us. It may well have always been the dream of companies like Investools but without your very particular style of teaching together with the extraordinary dedication, the same magic would just not be there.
These days many traders have blogs, but this one is THE most effective for teaching hundreds of us students in "real time". I don't know if everyone knows but your Thurs. "Active Investor" class was the very first trading room that Investools ever had. Now it seems that this blog may be again be pioneering yet another new level with the "real time" teaching that would have been unheard of just a few years ago.
I'd like to ask any and all who read this to personally invite more and more folks to "tune in". The more people we have to make it work the more we can collectively raise the trading bar for all of us. And you never know......we might need to look for a big cruise ship to hold all of us sooner than we think.......
Thanks again.
Scott