Sunday, October 19, 2003
7 Oct to 19 Oct
19 Oct: I didn't trade end of last week-- but the 60m was a good guide for those who did. The focus now shifts to 'old support becomes resistance' -- in indicators as well as forks. 60m chart below.
Another 'handy' rule of thumb is to watch MACD. When above the zero line, bias is long, below zero, bias short. This works across all time frames, with the higher time frame, of course, trumping when considering longer term position trades.
Note that the daily MACD is looking to turn down, but is strongly above zero. To me, this says this particular pullback may be shallow, particularly as the weekly MACD is rather strongly above zero.
Looking closer at the weekly MACD, it is a bit long in the tooth and there is triangulating in the STO. These advise caution as a turn down could be sudden.
14 Oct: Little change in 60m path. Added numerous commentaries. Caution, IMO, is advised, but not enough for outright broad market shorting. Pick & choose carefully.
7 Oct: The Energizer Bunny rally! "
click on chart to open a "full size" version
Labels: chart-analysis
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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