Thursday, July 09, 2009

Sell level for Friday

Thursday's trading was mostly a sideways affair, as shown in the SPX chart below:




*
Note that late Thursday the Precision Moving Average (from Blue Wave) turned down (red circle) and that the second from last bar (from right) briefly flirted with a Sell Signal, before closing above the Sell trigger level and staying in BUY mode into Thursday's close.

*Note also that this, "false alarm bar," was the only 30 minute bar all day long that even briefly violated Sell levels.

*Finally, note that Friday's SELL level is 881.76


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5 comments:

Anonymous said...

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Michael Lomker said...

Gotta love it when the bar closes so close to your signal, huh?

Mike said...

http://www.youtube.com/watch?v=sYFfOJPMnsw

-Mike

Anonymous said...

Wow! We finally got a SELL on Blue Wave's weekly chart putting a possible wave 5 decline in play. I wish it was a more definitive break on higher volume, but I'll take it.

Should be an interesting week: options expiration, big earnings announcements, a market looking a bit oversold.

Good luck to all!

Michael Lomker said...

Anon, you make a good point. Stops on a weekly timeframe are *really* big. It doesn't mean we won't see a shorter-term bounce here.