Futures very weak–top of right shoulder complete?
Tuesday was the 13th day of the current QQQQ short term up-trend. With a big down opening coming, I must watch key support levels. A weekly chart of the the major indexes suggests we may have completed the top of the right shoulder of a head and shoulders top. The longer term up-trend of the QQQQ will turn negative for me with a close of the QQQQ below 46.17 . The comparable figure to watch on the Dow is a close below 10,480. The 30 week average (red line) is about as flat as one can get, meaning we could be in a market of whipsaws for a while. However, if the 30 week average for these indexes begins to decline, I will exit all markets. Note the potentially bearish weekly chart of the Dow below (click on chart to enlarge).
Comments ( 2 )
Jason added these pithy words on Wed, 8-11-10 at 5:09 pmAnd just after you told us you were “wading into the market” came the tidal wave knocking you over!!
Ben added these pithy words on Thu, 8-12-10 at 6:40 amIt is real funny that you (the comment before me) continue to criticize someone who openly trades to “never being early to the party”. And you were right, he did say he was wading into a market that many were fully invested in so Dr. Wish was protected by slowly going long and by using stops.
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