Sunday, September 19, 2010
Lets play the game and not guess the outcome
These are the stock charts that have me fired up tonight for tomorrow. The first one is hourly it is hitting against the 1x5 resistance line and upward sloping parallel line which was support previously and has proved to be resistance once before. That makes a very good case for decline to start right from here if it is going to start. The second is daily chart that shows a line parallel to the most recent upward trend line ( joining of last 2 lows 2nd being higher than the first) This was support before and has been resistance on more than one occasion that is also an negative. Finally I have the weekly chart that has red ,green,black downward resistance trend line. If spx were or move above the black line I would be quite bullish but until that happens each these line is resistance and is hence a negative. On TZA/TNA we had a 10/20 cross to up/down side but yesterday's action or no action has put a reversal within reach. DMRM is positive for the market and we do not have clear decline of 22 points on spx for a negative trend. Add to all this we had a HH and HL day which is also positive. Full moon is coming up a positive and Sep. 19th is 144 days from April 26th which is an important Gann date. Unless the markets take a nasty turn and give a short signal I will continue to be bullish.