With the dollar breaking down it's probably just a matter of time before the rest of the market follows tech. Then we can probably expect a test of the April highs before this daily cycle tops.
Tuesday, September 14, 2010
NDX 1-2-3 REVERSAL
The Nasdaq 100 completed the 1-2-3 reversal today by rallying above the August high. We now have a confirmed trend change on the leading tech sector.
With the dollar breaking down it's probably just a matter of time before the rest of the market follows tech. Then we can probably expect a test of the April highs before this daily cycle tops.
With the dollar breaking down it's probably just a matter of time before the rest of the market follows tech. Then we can probably expect a test of the April highs before this daily cycle tops.
I looked up your definition of the 1-2-3 reversal and was wondering...does it have to close above AND THEN STAY ABOVE this prior high for any amt of time to be valid?? Or in other words, is the trend reversal pretty solid at this point, or would a pullback of any sort negate that pattern. Thx
ReplyDeleteJust an intraday higher high is all that is required to signal demand has swung to the bull side.
ReplyDeleteOf course nothing in this business is 100% but the 1-2-3 reversal is a pretty reliable technical tool.
Well, i dont agree with that.Closing 3-4 days above the trendline is a must.
ReplyDeleteJust take o look at DXY chart you have posted yesterday and you will see failed 123 setup on the fourth day.
There is no 1-2-3 reversal on the dollar chart???
ReplyDeleteIt doesn't mean we will test the April highs, it only means the S&P will break above 1130...and that could stop at 1140 to 1150. It could test the April highs, but have tight stops in place. Several around here didn't see the April top...so why should now be different.
ReplyDeleteI think there is. Downtrend line broken, higher low at 81,91,break over previous high at 83,02 and then after holding three days above 83,02 dive under 83,02. Failed pattern.Mind you, the way i draw trend lines might be slightly different from you ,hence the probable difference of opinion. I draw trend lines the way Brian Marber draws them. I dont know how to describe it but i can upload picture if needed.
ReplyDeletetoby is it too late to try and enter the gold and gold stock markets now that they have popped. Should one wait until the next correction around the end of the year. thanks
ReplyDeleteThe thing is, lot of gold and silver stocks, plus GLD,SLV, have rising wedge patterns.This could be the top for precious metals right here.Notice the negative divergences on MACD, RSI on the GOLD chart.
ReplyDeletethis whole investing thing just get harder and harder. i am tempted to just put 25% in today. and keep adding 10% on the downdays and when that is invested just leave it and come back in about 8 years.
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ReplyDeleteAnon,
ReplyDeleteWe just got the breakout that we've been waiting for for almost a year now. Why would you hesistate now?
ok thx
ReplyDeleteToby~ was about a week ago when a repeat anonymous poster/heckler told you to "put your helmet on for the big crash"
ReplyDelete...and you tried again to convince him otherwise...must be glad you' re not staring in the mirror with a helmet on today like him, huh? Haha Great tachnical analysis!
Real estate was one of the largest bubbles in history that's not ever coming back in our lifetime so I wouldn't waste money on real estate but silver is far and away a better investment than even gold.
ReplyDeletePull up the long term chart of the GDX. We're at the breakout. There will be shakeouts but the direction is up. Tomorrow could be rough but if GDX gets support around 54 then we're in business. I think we have the power this time to push away from shore and not get washed up here. It is way overdue thay gold stocks start to really flex their muscle. Think about it... The world needs gold and silver in the hands of the citizenry of all nations for the very stability and safety we all need. This currency crap is causing a lot of underlying subconscious nervousness. Also think about how many people look at you like you've got 3 heads when you tell them to buy metals? This thing is still a secret to the general public! Silver is just great here and I think this bull is just starting to grow up.... Still very young like a two year old horse. Get ready to run boys! Buy silver!
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