Thursday, August 11, 2011

Quick Market Update

 DIA 1 min, we are nearing the inverse H&S breakout trendline seen in red, as I mentioned earlier, expect volatility around major support/resistance levels, this is a major one and the 1 min 3C is indicating either  pullback or a consolidation, that is normal, but we also want to be on watch for some sort of head fake which could be an extreme move.

 The 30 min chart is still very positive, so despite the short term action, it looks like the most probable outcome s a breakout and move higher, still the Wall Street shakeout game will be played. They never give up anything obvious easily.

 The Q's near the breakout level on a 1 min hart, suggesting the same pullback/consolidaton.

 The 30 min hart is very positive, this trumps the 1 min chart, the longer the timeframe, the more important the signal.

 The same is true of the SPY

 And its 30 min chart.

The 50-bar 15 min average has been a zone of resistance, it's one place a pullback may run to, although it's hard to say exactly what Wall Street may do for a head fake.

I'll update other signs and signals

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