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4 comments:
Michael, it's hardly a conversation on Facebook. Mostly quotes and one liners and hardly a counter point.
Anyway, now that the dreaded death cross has happened on the EMA of SP500, the question is how low will the index go? If it breaks 1120, I suppose the drop would exceed the distance between the head and the neckline?
So far, 1120 seems to hold, and I used to think Bernanke might disappoint coming Friday, but it seems I wasn't the only bright chap out there! heh heh.. so many have commented on not expecting much, so I wonder if the market plunge would even happen.
Its not a conversation if you don't post something :-)
1120 is but the current support level.
Hi Mike,
Can't remember what TA book I read this in (maybe yours?), I was wondering your opinion on the RSI. During a strong trend the overbought or oversold levels tend to shift. For example, since the March '09 lows, the +70 level on a daily chart was breached routinely, and on the other hand the 30 handle was respected, even during the flash crash.
With this most recent correction there is a very clear breach of the 30 handle on daily RSI. Obviously the market has the potential to bounce here, but I was wondering your thoughts; is this is a signal the market has changed it's character?
-Will L.
Tier - answered in next post (not comments)
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