The Qs are battling the neckline of the inverted H&S pattern on the 30 min timeframe. Market action remains strong, do not let your guard down.
Let us rise up and be thankful, for if we didn’t learn a lot today, at least we learned a little, and if we didn’t learn a little, at least we didn’t get sick, and if we got sick, at least we didn’t die; so, let us all be thankful.~Buddha
Here is a live recording of a trade from 2002. Marketwise no longer does any business and I stopped writing the referenced newsletter in 2005.
Mixed signals make it tough to see which way the market will go short term. The Qs have traced out a H&S pattern which will be completed below 2750, but with the more important potential for support from 27-2730 make it low odds for a short. Sometimes cash is the best position.
The Qs will need to hold the 2730 level on a closing basis and the 3 day VWAP~2700 intraday if we are to have any confidence that the market can add to the recent gains. This pullback should be welcome as it will provide good long entries, but only if it holds. Wait for support … Read More
When the mind is thinking it is talking to itself.~Plato