Fun day! We knew exactly what it was going to do.
Today's White Opening Marubozu comes on the heals of Friday's High Top candle which created a Bullish Meeting Lines. As I said that pattern presented a good chance of a reversal, and I'd say today proved it right.
The White Opening Marubozu has a 54% chance of continuing the Bullish trend.
It often occurs near the end of a trend, but in this case the trend just got started so I'm not sure how that would apply.
I just wrote this little gem "Cruzer" today. I was playing around with a pretty simple algorithm while trying to write something else, and saw something interesting in it, so I spent the best part of today developing the study. It presents the trend, and momentum quite clearly . Anyhow you are going to be seeing it for awhile.
Here's my whole team of indicators.
Maybe TOS will give me a chat room?
Maybe TOS will give me a chat room?
As you can see, there is still a lot of green on those indicators, but there are indications of a peak having been made or coming very soon. Those red labels are indicating overbought.A good one for Overbought/Oversold is the $NYAD
It's getting up around the stratosphere again.
And that splash of yellow on Smoothy has been indicating a "Stall"
It's getting up around the stratosphere again.
And that splash of yellow on Smoothy has been indicating a "Stall"
So the Bulls may take it out with a big spike, but I'm thinking 1132 will hold as the peak tomorrow. Let's see if the Bears can break the fork and the 1088 Kumo barrier.Oh! I almost forgot. Have we reached symmetry?
I'd say we have reached symmetry nine way from Sunday!// End of recap for 2010.08.02 //
Missed the target by 2.7 SPX points
13:40
13:10 ET
Hourly Tenkan-sen & Kijun-sen have become flat. This indicates a loss of momentum and Price will be attracted toward them. The Bulls need a rest before the next onslaught.
$NYAD ABOVE 2200. Overbought
DDF is Bullish.
SPX Open ... Where did KumoBob say it would go?Oh yeah, something about symmetry in the market
/es at 09:25 ET Hourly
/es at 09:25 ET
/es at 02:41 ET
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.
