
But let's move on, because now it's our job to navigate the carnage. Some of us have various opinions, and thank goodness we do or we'd be a bunch of drones around here- let's keep the debate open because I'll always believe that's exactly why we're having one heckuva trading year in this group. Below is Wallfly’s chart as well as DDT’s latest chart, and I’m just posting charts to depict what’s looming overhead for the most part, because I’m still of the technical point of view we have a short term (at least) change of trend downward, with the possibility of some kind of bump this next week (Monday/Tuesday?) and a resumption of the move down, or at the very least a retest of that 200 level. Some of these charts are already very close to resistance from the action late yesterday, so keep that in mind on Monday/Tuesday, as we may have to do some quick flipping around on our trades. Big picture- make sure to keep your eyes on your weekly charts, not just the dailies. From my point of view technically, the weekly charts look short-tardish. I ignore Bollinger Bands, etc because price moves the whole fandango, and if you review some weekly charts from say.. 2008.. tell me how often price was touching or outside of those bands and never bounced…
Additionally: we have something of interest outside of the normal economic calendar coming up this week, including: Benny will be testifying on his plan for an exit strategy from the emergency stimulus. This will take place on Feb. 10th, fwiw, and is a potential market mover, IMO. Humble Student also reminded me yesterday that this will be the last week the Shanghai Exchange will be open before they close between Feb. 15th- 19th for Chinese New Year. Finally, I mentioned “Contango” yesterday, and if you’re not familiar with the term and what it means for trading oil, here’s a great little simple video that explains the whole thing clearly.
$SPX Hourly D-Wave as of 02/06/10 | $SPX 60min with detailed annotations |
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