Notice the interesting difference here between the $NDX and the $SPX. In the bottom graph here, which I'm calling the $NDX 'Micro' trendlines, this is where the price action is contained. The two top graphs look as though the 'Macro' trendlines have been exceeded and are therefore no longer working. This is the reverse situation from the $SPX in the earlier post below....
8 comments:
Could you please tell us if there is any meaning to be derived from this?
Hi Mark,
My stuff looks a bit more up than down, overall. Volume is down too. If I had to guess I would say sideways or a bit down for a couple of days, then another push over 1100+ again..
Hi Gail,
I'd say the charts are showing the advance so far is 'contained' in the trendlines. On charts I posted a few days earlier, I showed that we are also at a .500 node. The combination of being contained within a set of trendlines and at a major node is a Bearish warning. It changes to a Bearish signal when and if the price action turns down significantly on volume. This is what we are waiting for, we have the warning, what we're waiting on is a confirming signal...
If the signal doesn't materialize over a few weeks or so, the node will 'expire', this is a passive signal that says the bearish warning no longer applies.
This is a similar process and procedure that is used with trendlines and old fashioned Fibonacci time ratios...
Regards,
Mark L.
Thanks Mark.
Hi Mark,
Would love to hear your latest on the market. Are we still within a bear warning range?
Mark: May be of interest to you and your readers.
Yelnick, 11/15/09, How The Great Recession Will Transform America
http://yelnick.typepad.com/
is a very good post, that has some far reaching views!
Yelnick references an article by Richard Florida, published in the Atlantic Monthly:
http://www.theatlantic.com/doc/200903/meltdown-geography
Hi Gail and Bill,
I am still seeing a good possibility that we are making a top in here..The .500 node on the $SPX doesn't expire for quite a few weeks yet, and just today we are at the confluence of two Fibonacci time ratios...so before everyone declares the dollar dead, Gold to $3000, and more stock rallies, we should wait a few more days and see what happens...
Someday Gold might really go that high, but I think it is a ways off...
and Bill, I like that link, and I have featured it...
Regards,
Mark L.
Thanks so much Mark - I appreciate your post.
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