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Thursday, January 7, 2010

Triangle trick and some charts

Apex of a contracting triangle points toward the turn point. But not sure if the lines are in the right spot or that the 2 missing days on the chart matter. Regardless the triangle target is the blue line.

Google weekly cracked a bit finally.  It will be interesting.

Goldman fighting the head and shoulders formations.

VIX weekly at major support and has positive divergence on weekly, daily and hourly still. Long term.  Sooner or later, the "complacency" will reach a bottom.  And one punch to the lower BB might do it.

Nasdaq has reached weekly resistance at 2314.   The time ratio between P1 and P2 is nearly a perfect .618/.382 ratio.  The price is also a tad over an ideal .618 ratio.  RSI overbought for yet a second time this P2.  Small doji candle unless they can pop it tomorrow.

Financials "big run" this week. hrmm. look at that chart. The RSI is almost overbought and its only a small little candle.  The hourly looks seriously warped.

V = I at 230K.   Look at that wave V, Desparately vertical. Asset mania is coming to an end.


Wilshire says a lot.  Yeah it might squeak some more to major resistance but its already feeling that resistance  . Money flow ain't going up. Its parked outside the upper BB today.

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