Custom Search

Tuesday, March 17, 2009

50/200MA Hourly Crossover and APEX Tuesday

Two things on this chart:
1. The 50/200 crossover on the hourly chart really can only be stopped by an immediate hard down move starting tomorrow. A crossover of the 50/200 of course would be bullish. That usually results in a pop at least.
2. Tuesday marks the end of the apex for the SPX (and DOW). The NASDAQ APEX marked its LOW a week or so ago. Perhaps this APEX will mark a significant HIGH.

Elliott Wave Principle, page 52"..we propose that often the time at which the boundary lines of a contracting triangle reach an apex coincides with a turning point in the market. Perhaps the frequency would justify its inclusion among the guidelines associated with the Wave Principle."

So there you have it: You have an APEX peak occurring tomorrow. You have the threat of a 50/200 crossover. In order for this NOT to happen, a severe down move would be required. Also you have pre-OPEX Wednesday, which is the fun day for bears on OPEX week it seems. You have a stretched market that, quite frankly, probably could use a healthy correction to keep things real. You have negative divergences on the 30,60 minute charts.

If a severe correction does not occur tomorrow, well, then I will be surely stopped out on a (second) helping of FAZ as of late (I sold premarket today - and bought back in this afternoon - and doubled down at end of day.) Its the only trade I have at the moment. Busy this week at my 9-5 job and cannot monitor things too well.

PS - I often watch wave moves using the NASDAQ website. They show premarket waves in real time. It works well for timing premarket sales (or buys). More often than not, premarket traces VERY clear and simple EW patterns. Try it sometime. Anyways I seen a wave 5 to peak over $43 occur in premarket so - I sold.

http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=FAZ&selected=FAZ

Just something i always wanted to point out. The NASDAQ website is good for wave trading during the day, real time, for any stock or ETF...

12 comments:

  1. Hi Dan,

    thanks again for the good work, I appreciate the reference to the Elliot Wave Principle you give to ground your argumentation...Nevertheless, pagination has changed with printing version. the reference noted p52 is p51 in my version (1999 edition). It could be indeed helpfull to refer to the chapter and section as well to make the cross correlation easier ;)

    in this case it is Part 1 , chapter 1 section 'horizontal triangle'.

    ReplyDelete
  2. Dan,

    Is there a reason, you are making this assessment on the 60min chart, when the 10, 15, and 30 charts already show them crossing?

    Thanks

    ReplyDelete
  3. Thanks Dan...looks like your "hard down" at the open is playing out for now. What's your TI setup for the premarket chart on Nasdaq with Faz?

    ReplyDelete
  4. Have you ever thought about adding a little bit more than just your
    articles? I mean, what you say is fundamental and everything.
    But imagine if you added some great photos or video clips to give your posts more,
    "pop"! Your content is excellent but with images and video clips, this blog could certainly be one of the most beneficial in its field.

    Awesome blog!

    Here is my webpage :: bankruptcy laws in florida
    Also see my web site - filing bankruptcy in florida

    ReplyDelete
  5. The Human species liberally wishes xbox one particular emulator,
    and what's much a lot more human than politics. Most importantly though, this game is a lot of fun. I still remember the
    good old days with the Game - Cube, the Playstation one and two,
    and the original Xbox.

    Also visit my webpage ... free xbox live gold

    ReplyDelete
  6. I know this if off topic but I'm looking into starting my own weblog
    and was curious what all is needed to get setup? I'm assuming having
    a blog like yours would cost a pretty penny?
    I'm not very internet smart so I'm not 100% positive.
    Any tips or advice would be greatly appreciated. Kudos

    Also visit my web-site :: garcinia Cambogia benefits

    ReplyDelete
  7. I want to to thank you for this great read!! I absolutely
    enjoyed every little bit of it. I have you book marked
    to check out new stuff you post…

    Also visit my web blog ... michael kors handbags sale

    ReplyDelete
  8. Hi there would you mind letting me know which web host you're using?
    I've loaded your blog in 3 completely different browsers and I must say this
    blog loads a lot quicker then most. Can you suggest a good hosting provider at a
    reasonable price? Many thanks, I appreciate it!


    my site; michael kors handbags outlet

    ReplyDelete
  9. Definitely believe that which you stated. Your favorite reason appeared to be on the internet the easiest thing to be
    aware of. I say to you, I definitely get annoyed while people consider worries that they plainly do not know about.
    You managed to hit the nail upon the top as well as defined out the whole thing without having
    side-effects , people could take a signal. Will probably be back to get
    more. Thanks

    Here is my web site; Beauti Skin Review - www.insurance-best.us
    -

    ReplyDelete
  10. I always spent my half an hour to read this web site's articles or reviews daily
    along with a cup of coffee.

    Feel free to surf to my web site - Muay Thai information

    ReplyDelete
  11. In case you get Zits Remedy cream in any of these areas, immediately wash with cool
    tap water.

    My page: best makeup for acne

    ReplyDelete
  12. Wonderful site. Plenty of helpful information here. I am sending
    it to some buddies ans additionally sharing in delicious.
    And of course, thanks in your sweat!

    My blog pure yacon syrup

    ReplyDelete