Tuesday, December 08, 2009

End of Day Wrap by Osikani




Now, it looks like a definite bearish turn.

All indicators confirm the bearish tone.



2009-12-08_1637 2009-12-08_1639

For the other indicators:
1. The Discriminator is still in cycle mode, and the Fisher Transform, the oscillator we use in cycle mode is still definitely bearish.
2. Though the momentum has turned further down, as well as the 21 day zero-lag TEMA and the Price Projector turning down, these are both trend tools, and so while confirming the bearishness, will be discounted, as we are in cycle mode.
3. There was a qualified break of the TDDemand Line, when we opened below it. Bearish.
4. We filled and closed below the gap from 11/30/2009, indicating that it really was an exhaustion gap.
5. The Osi_Trend indicator continues to show a downtrend.
6. All that is left is for the InverseFisherTransformRSI to go into bearish saturation, but having broken down below zero is a definte bearish signal; below -0.5 would have been better, but we did close very near to that.
Looking at the Ninja Trader picture:
1. We broke under the ascending wedge whose top showed the bearish divergence that we noted last week. That divergence is still intact.
2. We also broke the previous TDST Resistance, and expect it to hold as new resistance, or later turn into support.
3. The brand spanking new AdaptiveEMA_xOver shows a downturn in both averages and a close below both moving averages. That close is the sell signal for the system, which would be a rather late sell signal at that.
4. If one draws an Andrew's Pitchfork from the most recent points, it crosses a Fibonacci cluster that projects that tomorrow, we shall at least touch a price of $108.5.

2009-12-08_1837 By Osikani

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