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Post by theMIST on Apr 12, 2012 16:06:40 GMT -5
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Post by huh? on Apr 12, 2012 16:08:00 GMT -5
Looks like the H&S target has already been met though, which means the neckline won't have near the resistance as it normally would, if any at all. Right?
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Post by brosin on Apr 12, 2012 16:12:09 GMT -5
Mist, Huh, Clinton, (and others) a lot of you guys should definitely set up blogs - I think I can speak for everyone when I say that it'd be great to be able to go into a compilation area of all your posts and what you're seeing at all times. I know the expansion into lots of new viewers and members will definitely love seeing your stuff as well. That, plus the compensation model means you'll be duly compensated for the efforts and content that you provide on a daily basis currently for free
We can't force you to take pay if you don't want to, but we can certainly suggest it, right?! ;D
(This offer is open to anyone - the more (Fastopians, especially) the merrier!)
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Post by rex on Apr 12, 2012 16:12:53 GMT -5
I see the resistance line there a couple points higher, and I can also see a case for a couple days of consolidation where we create a bull flag down to about the 1375 area, then explode up. What do you see?
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Post by theMIST on Apr 12, 2012 16:21:39 GMT -5
I agree that markets are headed a little higher in the short term. Just not sure which is the right neckline just yet. Dino has his horizontal and I originally had my neckline slanted.
possibly - we'll see when the market gets there - right now I'm still bearish but hold no positions awaiting market direction
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Post by dino on Apr 12, 2012 16:36:21 GMT -5
ES h&s target was met. We're right back around the neck line. I can put a cross hair line between the neck line and the top of the candle so the way I have the neck line drawn now, we didn't tap it. I could easily move the neck line down a hair though and still maintain the pattern. Though the pattern has been met, the neck line still acts as good horizontal resistance on the way up imo...
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Post by theMIST on Apr 12, 2012 16:50:46 GMT -5
Definitely have to to convert to TOS for futures charting. Forexpros leaves too much room for error. LOL
Thanks for the update Dino
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Post by theMIST on Apr 12, 2012 16:54:12 GMT -5
Dino what are you seeing on S&P cash chart? I'm seeing this move as a backtest of bearish wedge so far with possibly more wiggle room to 1397 area S&P daily chart Uploaded with ImageShack.us
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Post by theMIST on Apr 12, 2012 17:22:47 GMT -5
Looks like RIFIN (FAS) H&S target has been met as well
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Post by natsalilfly on Apr 12, 2012 17:36:22 GMT -5
No Mist No! I know we're not out of the woods yet, you bear you!
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Post by dino on Apr 12, 2012 18:18:13 GMT -5
Dino what are you seeing on S&P cash chart? I'm seeing this move as a backtest of bearish wedge so far with possibly more wiggle room to 1397 area S&P daily chart I have my bottom trend drawn slightly differently to inlcude 12/19, 12/20, 3/6 and 3/7 touches (log scale). This makes our back test marks very different. The 20 day sma is around that 1400 mark so I would think that will be a tough nut to crack again. Your 1397 is in the same vincinity so that might be the first area to watch closely. If we get through that, my back test mark would be in the double top area (1420ish). As far as rising wedges in general, I've honestly pretty much given up on them! lol. DJT, IYR, IWM, bla, bla, bla all had rising wedges that broke and pretty much just went sideways. Now that I'm tuned to "sideways" and thinking that's what SPX will do, we'll probably drop 100 points in 3 days.
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Post by jack on Apr 12, 2012 18:21:03 GMT -5
How come my freestockcharts don't look like that? What are your settings I can't duplicate that Rob? Is it because you turned off the ads? Thx Dino what are you seeing on S&P cash chart? I'm seeing this move as a backtest of bearish wedge so far with possibly more wiggle room to 1397 area S&P daily chart Uploaded with ImageShack.us
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Post by theMIST on Apr 12, 2012 18:32:10 GMT -5
Thanks Dino
Take a look back at the first chart I posted on this thread. I have the same trendline drawn as you do. I mentioned in my last post that we might still get back up to 1397ish -1400 area. If bulls can get back above that area and over 1400, bulls might take another run at 1422 top.
We'll know tomorrow which is the right line or if the whole bearish wedge is a washout with sideways then up action. LOL
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Post by theMIST on Apr 12, 2012 18:37:11 GMT -5
Not sure Jack I just go to www.freestockcharts.com and login. I'm using log scale. Didn't do anything to turn off ads as I still get them. LOL
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Post by jack on Apr 12, 2012 18:53:58 GMT -5
Not sure Jack I just go to www.freestockcharts.com and login. I'm using log scale. Didn't do anything to turn off ads as I still get them. LOL It must be the logscale aspect I'll try to figure out how to engage that....thx.
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Post by jack on Apr 12, 2012 19:03:40 GMT -5
Not sure Jack I just go to www.freestockcharts.com and login. I'm using log scale. Didn't do anything to turn off ads as I still get them. LOL It must be the logscale aspect I'll try to figure out how to engage that....thx. Nope -ain't that that's what mine are set on.
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Post by theMIST on Apr 12, 2012 21:05:20 GMT -5
We definitely have contact and pullback - LOL Uploaded with ImageShack.us
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Post by theMIST on Apr 13, 2012 9:51:22 GMT -5
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Post by dino on Apr 13, 2012 10:01:46 GMT -5
50 day sma 1375.81. It will be interesting to see if we close above or below...
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Post by theMIST on Apr 13, 2012 10:03:50 GMT -5
Still lots of trading left -- check in with you guys later -- have to run out now. Cashed out for now.
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Post by theMIST on Apr 13, 2012 15:19:37 GMT -5
S&P headed back toward 1350s and then 1340s - IMO Today's close was ugly with S&P closing below 50dsma (1375.72). Backtest of large bearish wedge complete. Indicators bearish. S&P Daily S&P Hourly S&P in descending channel. Bear flag (light blue lines) playing out and small H&S formed with neckline (small tan line) pierce
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Post by natsalilfly on Apr 13, 2012 15:26:08 GMT -5
some scary stuff right there Mist
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